Frank Spence Valuation

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Frank Spence - FCF Analysis (in $ thousands)

1994 95 96 97 98
Sales 26932.00 1.00 29625.20 10% growth 30513.96 3% growth 29598.54 -10% growth 26638.68
COGS 20614.00 0.77 22811.40 0.77 24106.03 0.79 23974.82 0.81 22110.11
Gross Profit 6318.00 0.23 6813.80 0.23 6407.93 5623.72 4528.58

SG & A 988.00 0.04 1185.01 0.04 1281.59 0.042 1302.34 0.04 1225.38
Salary 340.00 0.01 385.13 0.01 396.68 0.013 443.98 0.02 399.58
EBITDA 4990.00 0.19 5243.66 4729.66 3877.41 2903.62

Depreciation 19.00 0.00 29.63 0.00 30.51 0.001 29.60 0.00 26.64
EBIT 4971.00 0.18 5214.04 4699.15 3847.81 2876.98

Other Incom -12.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00
Total Income 4959.00 0.18 5214.04 4699.15 3847.81 2876.98

Taxes (@40%) 0.00 2085.61 1879.66 1539.12 1150.79


4959.00 0.18 3128.42 2819.49 2308.69 1726.19
Depreciation 19.00 0.00 29.63 30.51 29.60 26.64

Working Cap 3412.00 0.13 100.00 50.00 -100.00 -100.00

Inv in Assets 7.00 0.00 10.00 10.00 10.00 10.00

FCF 1559 0.057886529 3048.04632 0.10288694 2790.00349 0.09143369 2428.28445 0.08204069 1842.82538

18% 0.84745763 0.71818443 0.60863087 0.51578888


15% 0.86956522 0.75614367 0.65751623 0.57175325
12% 0.89285714 0.79719388 0.71178025 0.63551808
s)
99 2000
-10% growth 27437.84 3% growth 28260.98 3% growth
0.83 23322.17 0.85 24021.83 0.85
4115.68 4239.15

0.05 1317.02 0.05 1413.05 0.05


0.02 411.57 0.02 423.91 0.02
2387.09 2402.18

0.00 27.44 0.00 28.26 0.00


2359.65 2373.92

0.00 0.00 0.00 0.00 0.00


2359.65 2373.92

943.86 949.57
1415.79 1424.35
27.44 28.26

50.00 50.00

10.00 10.00

0.06917855 1383.2306 0.05041324 1392.61434 0.04927693

Present
value of Terminal Firm
FCF Value Value
0.43710922 0.37043154 8135.756 9280 17415.76
0.49717674 0.4323276 8700.172 11600 20300.17
0.56742686 0.50663112 9335.621 15466.67 24802.29

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