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    Manoa Valuation

    Uploaded by

    chaitanyavenkata797

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    © All Rights Reserved
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    Manoa Valuation

    Uploaded by

    chaitanyavenkata797
    14 views4 pages

    Original Title

    Manoa_Valuation

    Copyright

    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    14 views4 pages

    Manoa Valuation

    Uploaded by

    chaitanyavenkata797

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Parameters

    Tax rate 35%


    Discount rate 12%

    Table of Assumptions

    Ratio/Growth Rate Projected Rati


    2017 2018 2019

    Sales growth 6.00% 5.50%


    COGS/Sales 73.60% 74.00%
    Op Expenses/sales 22.80% 22.80%

    Sales/PPE, net 13.1 13.1

    AR DOH 40 42
    Inv DOH@ COGS 45 45

    AP @ COGS 19.3 19.3

    Table of Free Cash Flows

    2017 2018 2019


    NOP calculation
    Sales 27,900,000 29,574,000 31,200,570
    - COGS 21,766,464 23,088,422
    - Operating Expenses 6,742,872 7,113,730
    = EBIT 1,064,664 998,418
    - Tax on EBIT 372,632.40 349,446.38
    = NOP 692,032 648,972

    Change netPPE calculation


    netPPE 2,113,636 2,257,557.25 2,381,722.90
    Change in netPPE 143,921 124,166

    Change in NOWC calculation


    Operating current Assets
    Accouts Receivable 2,751,781 3,240,986.30 3,590,202.58
    + Inventories 2,580,865 2,683,536.66 2,846,517.76
    = Operating Current Assets 5,332,645 5,924,523 6,436,720
    Operating current liabilities
    Accounts Payable 1,082,070 1,150,939.06 1,220,839.84
    = Operating current liabilities 1,082,070 1,150,939 1,220,840

    NOWC (current ass - current liab) 4,250,575 4,773,584 5,215,880


    Change in NOWC 523,009 442,297

    FCF calculation
    NOP
    - Change in netPPE
    - Change in NOWC
    = FCF

    FCF growth rate calculation


    FCF growth
    Projected Ratios/Growth Rates
    2020 2021 2022 2023 2024

    5.00% 4.00% 4.00% 4.00% 4.00%


    74.00% 74.00% 74.00% 74.00% 74.00%
    22.80% 22.80% 22.80% 22.80% 22.80%

    13.1 13.1 13.1 13.1 13.1

    44 45 45 45 45
    45 45 45 45 45

    19.3 19.3 19.3 19.3 19.3

    2020 2021 2022 2023 2024

    32,760,599 34,071,022 35,433,863 36,851,218 38,325,267


    24,242,843 25,212,557 26,221,059 27,269,901 28,360,697
    7,469,416 7,768,193 8,078,921 8,402,078 8,738,161
    1,048,339 1,090,273 1,133,884 1,179,239 1,226,409
    366,918.70 381,595.45 396,859.27 412,733.64 429,242.99
    681,420 708,677 737,024 766,505 797,166

    2,500,809.05 2,600,841.41 2,704,875.06 2,813,070.07 2,925,592.87


    119,086 100,032 104,034 108,195 112,523

    3,949,222.83 4,200,537.01 4,368,558.49 4,543,300.83 4,725,032.87


    2,988,843.64 3,108,397.39 3,232,733.29 3,362,042.62 3,496,524.32
    6,938,066 7,308,934 7,601,292 7,905,343 8,221,557
    1,281,881.83 1,333,157.10 1,386,483.39 1,441,942.72 1,499,620.43
    1,281,882 1,333,157 1,386,483 1,441,943 1,499,620

    5,656,185 5,975,777 6,214,808 6,463,401 6,721,937


    440,304 319,593 239,031 248,592 258,536

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