Professional Documents
Culture Documents
Transaction details
Transaction Date
Shares outstanding, m
Current price,
Premium
Price,
m
Equity value
Net Debt(Cash)
Pension Provision
Buyout Minorities
Fees (1.5%)
Enterprise Value
Non Core/Peripheral assets
Core EV
Fees & expenses
31-Dec-06
145.5
87.00
20%
104.40
15,185
927
1,111
221
228
17,671
-127
17,544
1.5%
Valuation(LBO)
EV/Sales
EV(Core)/EBITDA
EV(Core)/EBITA
PER
FCF yield
aluation(LBO)
V(Core)/EBITDA
V(Core)/EBITA
2006
#VALUE!
#VALUE!
#VALUE!
0.6x
0.0%
2007
#VALUE!
#VALUE!
#VALUE!
0.6x
0.0%
Financing structure
Debt %
Equity %
Debt
Equity
Total
58%
42%
#VALUE!
#VALUE!
#VALUE!
58%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Debt split
Bank debt A
Bank debt B
Bank debt C
High Yield
Mezzanine
Total
Split
#VALUE!
#VALUE!
#VALUE!
10.0%
#VALUE!
100.0%
m
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Rate
3.8%
6.1%
6.6%
7.1%
8.5%
12.0%
Spread
Cost m
225bp
275bp
325bp
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Interest Cost
Euribor
Bank debt A
Bank debt B
Bank debt C
High Yield
Mezzanine
Total
Average cost of debt
Disposals
Basis
Business A
EBITDA
Business B
Book Value
Peripheral assets
Total
% used to pay down debt
50%
% distributed to equity
50%
Value
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
P&L m
Gross Sales
% change in Revenue
EBIT-Margin
EBIT
Depreciation
Depreciation as % of sales
EBITDA Margin
EBITDA
EBIT
Margin
Net profit
FCF
Net Debt
2005
13,837
11.2%
1,545
742
5.4%
17%
2,287
1,545
11.2%
1,008
624
523
2006
14,709
6.3%
11.7%
1,716
760
5.2%
17%
2,476
1,716
11.7%
1,141
737
865.22
2007
15,721
6.9%
11.4%
1,794
800
5.1%
16%
2,594
1,794
11.4%
1,200
1,011
-82.58
2008
16,350
4.0%
11.0%
1,798
899
5.5%
17%
2,698
1,798
11.0%
1,239
1,107
-1,190
2009
17,004
4.0%
11.0%
1,870
935
5.5%
17%
2,806
1,870
11.0%
1,330
1,195
-2,385
Cash flow m
EBITDA
Capex
Capex as a % of sales
NWC
Interest
Tax
Restructuring Costs
FCF
2005
2,287
-872
6.3%
-185
-104
-432
-69
624
2006
2,476
-890
6.1%
-200
-86
-489
-74
737
2007
2,594
-890
5.7%
-20
-80
-514
-79
1,011
2008
2,698
-899
5.5%
-50
-28
-531
-82
1,107
2009
2,806
-935
5.5%
-50
29
-570
-85
1,195
Cash conversion
EBITDA % of net
EBITA % of net
FCF / EBITDA
Capex/Depreciation
2005
227%
153%
27%
118%
2006
217%
150%
30%
117%
2007
216%
150%
39%
111%
2008
218%
145%
41%
100%
2009
211%
141%
43%
100%
2005
2,287
-872
-185
-432
-69
728
0
-104
624
30%
2006
2,476
-890
-200
-489
-74
823
0
-86
737
30%
2007
2,594
-890
-20
#VALUE!
-79
#VALUE!
#VALUE!
#VALUE!
#VALUE!
30%
2007
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
2,698
-899
-50
#VALUE!
-82
#VALUE!
0
#VALUE!
#VALUE!
30%
2008
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2009
2,806
-935
-50
#VALUE!
-85
#VALUE!
0
#VALUE!
#VALUE!
30%
2009
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2010
17,684
4.0%
11.0%
1,945
973
5.5%
17%
2,918
1,945
11.0%
1,426
1,287
-3,672
2011
18,126
2.5%
11.0%
1,994
997
5.5%
17%
2,991
1,994
11.0%
1,507
1,396
-5,068
2012
18,579
2.5%
11.0%
2,044
1,022
5.5%
17%
3,066
2,044
11.0%
1,592
1,479
-6,547
2013
19,044
2.5%
11.0%
2,095
1,047
5.5%
17%
3,142
2,095
11.0%
1,681
1,566
-8,113
2014
19,520
2.5%
11.0%
2,147
1,074
5.5%
17%
3,221
2,147
11.0%
1,774
1,656
-9,769
2015
20,008
2.5%
11.0%
2,201
1,000
5.0%
16%
3,201
2,201
11.0%
1,869
1,649
-11,418
2010
2,918
-973
5.5%
-50
91
-611
-88
1,287
2011
2,991
-997
5.5%
-20
159
-646
-91
1,396
2012
3,066
-1,022
5.5%
-20
230
-682
-93
1,479
2013
3,142
-1,047
5.5%
-20
306
-720
-95
1,566
2014
3,221
-1,074
5.5%
-20
387
-760
-98
1,656
2015
3,201
-1,100
5.5%
-20
470
-801
-100
1,649
2010
205%
136%
44%
100%
2011
199%
132%
47%
100%
2012
193%
128%
48%
100%
2013
187%
125%
50%
100%
2014
182%
121%
51%
100%
2015
171%
118%
52%
110%
2010
2,918
-973
-50
#VALUE!
-88
#VALUE!
0
#VALUE!
#VALUE!
30%
2010
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2011
2,991
-997
-20
#VALUE!
-91
#VALUE!
0
#VALUE!
#VALUE!
30%
2011
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2012
3,066
-1,022
-20
#VALUE!
-93
#VALUE!
0
#VALUE!
#VALUE!
30%
2012
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2013
3,142
-1,047
-20
#VALUE!
-95
#VALUE!
0
#VALUE!
#VALUE!
30%
2013
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2014
3,221
-1,074
-20
#VALUE!
-98
#VALUE!
0
#VALUE!
#VALUE!
30%
2014
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2015
3,201
-1,100
-20
#VALUE!
-100
#VALUE!
0
#VALUE!
#VALUE!
30%
2015
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
6.05%
#VALUE!
6.55%
#VALUE!
7.05%
#VALUE!
8.50%
#VALUE!
12.00%
2005
624
2006
737
2007
#VALUE!
2005
2006
2007
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
624
737
#VALUE!
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
623.6
737.4
#VALUE!
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
624
737
#VALUE!
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
624
737
#VALUE!
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
624
737
#VALUE!
2008
#VALUE!
2009
#VALUE!
2010
#VALUE!
2011
2012
2013
2014
2015
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2008
2009
2010
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2,403
#VALUE!
#VALUE!
#VALUE!
1,658
#VALUE!
#VALUE!
#VALUE!
832
0
0
0 #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2011
2012
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2013
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2014
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2015
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2006
Transaction multiple (x)
EV
Opening debt
Pay-down
Closing debt
Exit equity
Proceeds from disposal
Flows to equity
2007 exit
2008 exit
2009 exit
2010 exit
2011 exit
2012 exit
IRRs
2007
2008
2009
2010
17,245
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
17,937
#VALUE!
#VALUE!
#VALUE!
#VALUE!
18,655
#VALUE!
#VALUE!
#VALUE!
#VALUE!
19,401
#VALUE!
#VALUE!
#VALUE!
#VALUE!
6.6
7.1
7.6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
0
0
0
#VALUE!
#VALUE!
0
0
0
#VALUE!
#VALUE!
0
0
#VALUE!
2006
2007
2008
2009
2010
18,542
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
19,286
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20,057
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20,860
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
0
0
0
#VALUE!
#VALUE!
0
0
0
#VALUE!
#VALUE!
0
0
#VALUE!
2006
2007
2008
2009
2010
19,838
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20,635
#VALUE!
#VALUE!
#VALUE!
#VALUE!
21,460
#VALUE!
#VALUE!
#VALUE!
#VALUE!
22,319
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
0
0
#VALUE!
0
0
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2012 exit
IRRs
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
2011
2012
2013
19,886
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20,383
#VALUE!
#VALUE!
#VALUE!
#VALUE!
20,893
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
2011
2012
2013
21,381
#VALUE!
#VALUE!
#VALUE!
#VALUE!
21,916
#VALUE!
#VALUE!
#VALUE!
#VALUE!
22,464
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
2011
2012
2013
22,877
#VALUE!
#VALUE!
#VALUE!
#VALUE!
23,449
#VALUE!
#VALUE!
#VALUE!
#VALUE!
24,035
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
IRR matrix
Exit multiple EV/EBITDA (x)
0.0x
0.0x
0.0x
2009
0.0%
0.0%
0.0%
2010
0.0%
0.0%
0.0%
2011
0.0%
0.0%
0.0%
2012
0.0%
0.0%
0.0%