Cash Flow

1 2 3
2007A 2008A 2009A 2010A 2011A 2012F 2013F 2014F
Revenue 524.8 436.9 357.5 328.4 299.5 287.1 282.5 288.1
Growth Rate -16.7% -18.2% -8.1% -8.8% -4.1% -1.6% 2.0%

Operating Profit 30.2 40.1 26.5 6.3 14.2 13.7 21.3

Growth Rate 6.9% 11.2% 8.1% 2.1% 4.9% 4.8% 7.4%

Cash flow item

D&A 27.7 24.9 22.8 22.1 20 16 12
CAPEX 16.3 6.2 5.5 3.5 5 5.5 5.9
B/S item
NWC 26.2 21.8 17.9 16.4 15 14.4 14.1 14.4

Tax rate 35%

EBIT * (1-Tc) 19.63 26.065 17.225 4.095 9.23 8.905 13.845

Plus: D&A 27.7 24.9 22.8 22.1 20 16 12
Less: CAPEX -16.3 -6.2 -5.5 -3.5 -5 -5.5 -5.9
Less: Chg in NWC 4.4 3.9 1.5 1.4 0.6 0.3 -0.3

FCF 35.43 48.665 36.025 24.095 24.83 19.705 19.645

Terminal Value
PV 23.60 17.81 16.88

NPV 99.71
Less: Tempa 30 0.3008694
Net PV 69.71

Plus: Cash 23.1 16.149917

Less: IBD 685 478.90447
Equity Value -592.19 -462.75
 4 5
2015F 2016F
293.9 299.8
2.0% 2.0%

28.1 30
9.6% 10.0%

9 6
6 6

14.7 15

18.265 19.5
9 6
-6 -6
-0.3 -0.3

20.965 19.2
12.1
17.12 24.30
Discount Factor
Risk premium 6.0%
Debt beta 0.2
Risk Free rate 2.9%
Cost of Debt 8.0%
Term Loan 0.551656 5% 3%
Senior Notes 0.448344 11.75% 5%
Equity Beta 2.29

Equity 0.0516717
Debt 0.9483283

Beta_u 0.31
r_e 4.7%

r_wacc 5.19%