Where did LOccitane actually list? What was the actual list price after the IPO? Compared to your estimation, was there any money left on the table? If so, how much? Type your answers in your model.

L'Occitane Valuations in millions of euros, unless stated otherwise) Lont-term Growth rate 5.00% Discount rate 10% Tax rate 23% 1 2 3 5 Projected New Stores 2010 2011 2012 2013 2014 2015 Est. Proj. Proj. Proj. Proj. Proj. 4 609 729 847 951 1,055 1,159 Net sales EBITDA EBIT NOPATEBIT(1-t)) 135 103.95 160 123.20 180 138.60 200 154.00 219 168.63 Receivable from Trade Inventory Payable from Trade 57,673 86,827 58,834 62,241 103,925 77,169 72,309 81,206 90,103 99,000 115,991 130,263 144,535 158,806 94,716 106,370 118,024 129,678 85,666 NWC(=Trade receivables+Inventory-Trade payables) Change in NWC Capital expenditures 88,997 3,331 47,416 93,584 4,587 55,038 105,099 11,515 61,810 116,614 128, 128 11,515 11,514 68,582 75,354 34,613 34,613 Depreciation FCF=(NOPAT-change in NWC-capital exp+Dep) 35,120 42,804 48,071 53,337 58,604 -15523.05 -16697.80 -25115.40 -26606.00 -28095.37 WACC -17445.01 Terminal value Present Value -22013.46 -82398.54 Value of operation Debt Equity value =(Vop-debt) Shares Outstanding Price Per Share -9980 174 Million -10154 1500000000 1.20 L'Occitane Valuations in millions of euros, unless stated otherwise) Lont-term Growth rate 5.00% Discount rate 10% Tax rate 23% 1 2 3 5 Projected New Stores 2010 2011 2012 2013 2014 2015 Est. Proj. Proj. Proj. Proj. Proj. 4 609 729 847 951 1,055 1,159 Net sales EBITDA EBIT NOPATEBIT(1-t)) 135 103.95 160 123.20 180 138.60 200 154.00 219 168.63 Receivable from Trade Inventory Payable from Trade 57,673 86,827 58,834 62,241 103,925 77,169 72,309 81,206 90,103 99,000 115,991 130,263 144,535 158,806 94,716 106,370 118,024 129,678 85,666 NWC(=Trade receivables+Inventory-Trade payables) Change in NWC Capital expenditures 88,997 3,331 47,416 93,584 4,587 55,038 105,099 11,515 61,810 116,614 128, 128 11,515 11,514 68,582 75,354 34,613 34,613 Depreciation FCF=(NOPAT-change in NWC-capital exp+Dep) 35,120 42,804 48,071 53,337 58,604 -15523.05 -16697.80 -25115.40 -26606.00 -28095.37 WACC -17445.01 Terminal value Present Value -22013.46 -82398.54 Value of operation Debt Equity value =(Vop-debt) Shares Outstanding Price Per Share -9980 174 Million -10154 1500000000 1.20