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    Excel Presentasi Chapter 8

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    budiman 123
    This document provides financial information and projections for a company to calculate its intrinsic stock value. It outlines sales, earnings per share, free cash flows, growth rates, costs of equity and debt, tax rates, and other metrics from 2017-2022 and beyond. Using these inputs, it calculates the company's terminal value in 2022 of $244.32 million and discounts the projected free cash flows and terminal value to determine the equity value of $177.13 million, implying an intrinsic stock value of $35.43 per share.

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    Excel Presentasi Chapter 8

    Uploaded by

    budiman 123
    15 views5 pages
    This document provides financial information and projections for a company to calculate its intrinsic stock value. It outlines sales, earnings per share, free cash flows, growth rates, costs of equity and debt, tax rates, and other metrics from 2017-2022 and beyond. Using these inputs, it calculates the company's terminal value in 2022 of $244.32 million and discounts the projected free cash flows and terminal value to determine the equity value of $177.13 million, implying an intrinsic stock value of $35.43 per share.

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    excel presentasi chapter 8

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    This document provides financial information and projections for a company to calculate its intrinsic stock value. It outlines sales, earnings per share, free cash flows, growth rates, costs of equity and debt, tax rates, and other metrics from 2017-2022 and beyond. Using these inputs, it calculates the company's terminal value in 2022 of $244.32 million and discounts the projected free cash flows and terminal value to determine the equity value of $177.13 million, implying an intrinsic stock value of $35.43 per share.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    15 views5 pages

    Excel Presentasi Chapter 8

    Uploaded by

    budiman 123
    This document provides financial information and projections for a company to calculate its intrinsic stock value. It outlines sales, earnings per share, free cash flows, growth rates, costs of equity and debt, tax rates, and other metrics from 2017-2022 and beyond. Using these inputs, it calculates the company's terminal value in 2022 of $244.32 million and discounts the projected free cash flows and terminal value to determine the equity value of $177.13 million, implying an intrinsic stock value of $35.43 per share.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Sales 2016 $ 9.

    78
    Sales Growth 2017-2021 4%
    Sales Growth >2022 3.75%
    Profit Margin 24%
    Return On Equity 20%
    Cost Of Equity 9.50%

    Year 2017 2018 2019 2020 2021 2022


    Sales $ 10.17 $ 10.58 $ 11.00 $ 11.44 $ 11.90 $ 12.35
    EPS $ 2.44 $ 2.54 $ 2.64 $ 2.75 $ 2.86 $ 2.96
    FCFE $ 1.95 $ 2.03 $ 2.11 $ 2.20 $ 2.28 $ 2.41
    Terminal Value $ 41.87
    PV of Cash Flow $ 1.78 $ 1.69 $ 1.61 $ 1.53 $ 28.05
    Value of Stock $ 34.66
    Growth Rate=Return on Equity x Retention Rate
    4%=20% x RR
    RR=20%

    FCFE=EPS x (1-RR)
    FCFE=EPS x 80%

    Growth Rate=Return on Equity x Retention Rate


    3,75%=20% x RR
    RR=18,75%

    FCFE=EPS x (1-RR)
    FCFE=EPS x 81,25%
    Sales $ 48.90
    Sales Growth for next 5 year 4%
    Sales Growth after year 5 3.75%
    operating margins 33%
    tax rate 22%
    net margins 24%
    debt $ 25.00
    pre-tax cost of debt 4.54%
    number of shares outstanding 5.00
    book value of equity $ 61.05
    book value of assets $ 86.05
    ROA (NOPAT/Equity) 15.21%
    Percentage of nopat that must be reinvested :
    -Year 1-5 26.29%
    -After year 5 24.65%
    Market Value of Equity $ 150.00
    Market Value of Debt $ 25.00
    Cost of Equity 9.50%
    WACC=(6/7) x 9,5% + (1/7) x 4,54% x (1-0,22) 8.65%

    Year 2017 2018 2019 2020 2021


    Sales $ 50.86 $ 52.89 $ 55.01 $ 57.21 $ 59.49
    EBT $ 16.78 $ 17.45 $ 18.15 $ 18.88 $ 19.63
    TAXES -3.69 -3.84 -3.99 -4.15 -4.32
    NOPAT $ 13.09 $ 13.61 $ 14.16 $ 14.72 $ 15.31
    REINVESTMENT $ -3.44 $ -3.58 $ -3.72 $ -3.87 $ -4.03
    FCFF $ 9.65 $ 10.03 $ 10.44 $ 10.85 $ 11.29
    TERMINAL VALUE $ 244.32
    PV Rp8.88 Rp8.50 Rp8.14 Rp7.79 Rp168.82

    EV $ 202.13 $ 202.13
    LESS : DEBT $ 25.00 $ 28.88
    EQUITY VALUE $ 177.13 $ 173.25
    SHARES OUTSTANDING 5 5
    INTRINSIC VALUE $ 35.43 $ 34.65
    2022
    $ 61.73
    $ 20.37
    -4.48
    $ 15.89
    $ -3.92
    $ 11.97

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