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INPUTS FOR VALUATION

Current Inputs
Enter the current revenues of the firm = ###
Enter current capital invested in the firm = ### { As a naïve estimate, you can use BV of debt + BV of Equity)
Enter the current depreciation = ###
Enter the current capital expenditures for the firm = $ 298
Enter the change in Working Capital in last year = $ 115
Enter the value of current debt outstanding = $ -
Enter the number of shares outstanding = 1,500.00

High Growth Period Your Inputs

Enter the growth rate in revenues for the next 5 years = 25.00%

What will all operating expenses be as a % of revenues in the fifth year? 70.00% (Operating expenses include depreciation: This is equal to (1-Pre-tax Operating Margin))

How much debt do you plan to use in financing investments? 0%

Enter the growth rate in capital expenditures & depreciation 25.00%

Enter working capital as a percent of revenues 7.50%

Enter the tax rate that you have on corporate income 36.00%

What beta do you want to use to calculate cost of equity = 1.25

Enter the current long term bond rate = 6.50%

Enter the market risk premium you want to use = 5.50%

Enter your cost of borrowing money = 8.50%

Stable Period
Enter the growth rate in revenues = 6.00%

Enter operating expenses as a % of revenues in stable period = 75.00%

Enter capital expenditures as a percent of depreciation in this period 200.00% See capital expenditure worksheet (capex.xls) for details.

How much debt do you plan to use in financing investments? 5.00%

Enter interest rate of debt in stable period = 7.50%

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What beta do you want to use in the stable period = 1.10

ESTIMATED CASHFLOWS

Base 1 2 3 4 5 6 7 8 9
Growth in Revenue 25.00% 25.00% 25.00% 25.00% 25.00% 21.20% 17.40% 13.60% 9.80%

Growth in Deprec'n 25.00% 25.00% 25.00% 25.00% 25.00% 21.20% 17.40% 13.60% 9.80%

Revenues ### ### ### ### ### ### ### ### ### ###

Operating Expenses

% of Revenues 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 71.00% 72.00% 73.00% 74.00%

- $ Operating Expens ### ### ### ### ### ### ### ### ### ###

EBIT ### ### ### ### ### ### ### ### ### ###

Tax Rate 36.00% 36.00% 36.00% 36.00% 36.00% 36.00% 36.00% 36.00% 36.00% 36.00%

EBIT (1-t) ### ### ### ### ### ### ### ### ### ###

+ Depreciation ### ### ### ### ### ### ### ### ### ###
- Capital Expenditur $ 298 $ 373 $ 466 $ 582 $ 728 $ 909 ### ### ### ###

- Change in WC $ 115 ### ### ### ### ### ### ### ### ###

= FCFF ### ### ### ### ### ### ### ### ### ###

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Terminal Value (in '05)

COSTS OF EQUITY AND CAPITAL

1 2 3 4 5 6 7 8 9
Cost of Equity 13.38% 13.38% 13.38% 13.38% 13.38% 13.21% 13.05% 12.88% 12.72%

Proportion of Equity 100.00% 100.00% 100.00% 100.00% 100.00% 99.00% 98.00% 97.00% 96.00%

After-tax Cost of Debt 5.44% 5.44% 5.44% 5.44% 5.44% 5.31% 5.18% 5.06% 4.93%

Proportion of Debt 0.00% 0.00% 0.00% 0.00% 0.00% 1.00% 2.00% 3.00% 4.00%

Cost of Capital 13.38% 13.38% 13.38% 13.38% 13.38% 13.13% 12.89% 12.65% 12.40%

Cumulative WACC 113.38% 128.54% 145.73% 165.22% 187.32% 211.92% 239.23% 269.48% 302.91%

Present Value ### ### ### ### ### ### ### ### ###

FIRM VALUATION

Value of Firm ###

- Value of Debt $ -

Value of Equity ###

Value of Equity per Share ###

2020 2021 2022 2023 2024 2025 2026 2027 2028

Value of Firm by year ### ### ### ### ### ### ### ### ###
$ Value of Debt $ - $ - $ - $ - $ - ### ### ### ###

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10
6.00%

6.00%

###

75.00%

###

###

36.00%

###

###
###

###

###

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###

10
12.55%

95.00%

4.80%

5.00%

12.16%

339.75%

###

2004

###
###

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 EVA Valuation

Base 1 2 3 4 5
EBIT (1-t) ### ### ### ### ### ###
- WACC (CI) ### ### ### ### ###
EVA ### ### ### ### ###
Terminal EVA
PV ### ### ### ### ###
PV of EVA ###
+ Capital Invested ###
+ PV of Chg Capital in Yr ### This reconciles the assumptions on stable growth, ROC and Capital Invested
= Firm Value ###

WACC 13.38% 13.38% 13.38% 13.38% 13.38%

ROC 30.28% 39.78% 53.11% 72.55% 102.60%
Capital Invested ### ### ### ### ###

Calculation of Capital Invested

Initial ### ### ### ### ### ###
+ Net Cap Ex ### ### ### ### ###
+ Chg in WC ### ### ### ### ###
Ending ### ### ### ### ### ###

Cumulated WACC 113.38% 128.54% 145.73% 165.22% 187.32%

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 EVA Valuation

6 7 8 9 10 Terminal Year
### ### ### ### ### ###
### ### ### ### ### ###
### ### ### ### ### ###
###
### ### ### ### ###

C and Capital Invested

13.13% 12.89% 12.65% 12.40% 12.16% 12.16%

143.81% 168.52% 163.46% 137.55% 106.34% 19.21%
### ### ### ### ### ### (Adjusted to reflect terminal ROC)

### ### ### ### ###

### ### ### ### ###
### ### ### ### ###
### ### ### ### ###

211.92% 239.23% 269.48% 302.91% 339.75%

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 EVA Valuation

eflect terminal ROC)

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 Sheet3

Giá trị hao mòn luỹ kế -6,341,415,674,183 -8,626,919,181,620 -9,904,589,018,876 -12,483,526,535,648

     2.2. Tài sản cố định thuê tài
chính

     - Nguyên giá

     - Giá trị hao mòn luỹ kế

     2.3. Tài sản cố định vô hình 404,730,093,769 318,792,479,983 317,582,167,662 1,149,630,598,102

     - Nguyên giá 557,891,027,713 469,549,338,561 475,569,436,392 1,297,664,982,735

     - Giá trị hao mòn luỹ kế -153,160,933,944 -150,756,858,578 -157,987,268,730 -148,034,384,633

 3. Bất động sản đầu tư 136,973,382,326 95,273,270,528 90,248,200,759 62,018,116,736

     - Nguyên giá 179,678,050,557 143,340,838,168 147,320,450,623 81,481,271,444

     - Giá trị hao mòn luỹ kế -42,704,668,231 -48,067,567,640 -57,072,249,864 -19,463,154,708

 4. Tài sản dở dang dài hạn 993,111,642,018 1,928,569,256,697 868,245,878,253 943,845,551,903

     1. Chi phí sản xuất, kinh doanh

dở dang dài hạn 127,671,589,409 181,678,288,317 214,398,200,249 249,633,893,396
     2. Chi phí xây dựng cơ bản dở
dang 865,440,052,609 1,746,890,968,380 653,847,678,004 694,211,658,507

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 Sheet3

-2,578,937,516,772 0

9,952,884,097

37,609,095,156

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