190176796 Finance Modeling Lab

8/19/2019 190176796 Finance Modeling Lab

1/158

Oxford Financial Modelling LAB

© AndreasT. Angelopoulos, developed by Andreas T. Angelopoulos 2006 (version 1) - 12.11.2013 (last update) for te registered students in te !"ford #i


2/158

REFERENCES & SUGGESTE READINGS:

&everaged 'uyouts. Investment Banking – Valuation, Leveraged Buyouts, and Mergers & Acquisitions. Rosenbaum, and !earl, "#$$% by


3/158

an$e %odlling &ab


4/158

iley /ons, n$.


5/158

Table of Contents

Instructions

1. Finance instruments1a. Debt instrumenstSenior debt

Mezzanine

HY bond

RCF Capex

1b. Equity instruments

Shareholder loan2. Operational & Financial ModelAssumptions

Operational model

Financial Statements

3. aluationComparables

DCF N!

DCF A!"#O Simple

"#O Ad$anced %#S ad&ustment'

Output

!. "n#estment analysis $%raps'


6/158

Financial Modelling LAB

In!r"c!ion

G"ideline for i#$le#en!ing %o"r or'ing #odel:

1. /tart +it te !perational %odel seet and build te proe$tions of ea$ operational sn %ae te ne$essary assuptions for ea$ operational segent of te opany (n Total te nubers of all operational segents and build te *et oring apital

2. %ove on to te #inan$ial /tateents to build te proe$tions for opany7s future n$n 8ou +ill be using te operational odel assuptions $al$ulated in te previous stn /oe figures are provided to eep tings siple

3. 9# Analysis follo+s using te *5: and A5: etodologiesn 'eta analysis is provided in order to $al$ulate te unlevered beta of te opanyn 'uild te *5: odel follo+ing te steps tat elp you derive te value of te on 'uild te A5: odel follo+ing te steps tat elp you derive te value of te on A oparables %odel is also provided

;. Te &'! %odel presented ere is irrelevant and independent fro oter seetsn /tart +it building te /our$es 4ses of funds (Te $apital stru$ture is provided)n !perational assuptions are also providedn 9ebt pri$ing and s$edule ters are provided< you need to build itn 5roe$t te future #inan$ial /tateents of te opany based on te operational

Cell For#a!:

Uer In$"! BLUE

Lin'ed i!( o!(er $read(ee! GREEN

For#"la BLAC)ells +it bla$ border indi$ate tat teir $ontent +as initially ard $oded and +ill need t

'ote( )everal comments *ave been +rovided inside every s*eet to *el+ you. I t*ere is


7/158

egent based on te istori$al data provided

4/, nternational, 5)

roe$tions by fore$asting 'alan$e /eet ites days

oe /tateent, as #lo+ /tateent and 'alan$e /eet

p for soe ey ites

to be used in te *5: etodpany

pany

assuptions provided (tis is siilar to te pro$ess in step 2 above)

o be updated at a later step

omet*ing you don-t understand t*e res+ective "anser s*eet +rovides t*e solutio


8/158

n


9/158

() FINANC* INS+R,M*N+S


10/158

(A) D*#+ FINANC* INS+R,M*


11/158

+S


12/158

Financial Modelling LABFinance In!r"#en! * Senior De+!

S!e$ , - Define !(e de+! !er# and $ricing

De+! S!r"c!"re Ter# ./ear0 A#or!1 x EBITDA

/enior debt=# #a$ility 2 -ap>" #a$ility 2 'ulletTer &oan A 2 'alloon 1.?"Ter &oan ' 3 'ullet 1.;"Ter &oan 4 'ullet 1.;"

/ubordinated 9ebt%e@@anine 5 'ullet 1.2"

5 >leentas >leent8 'ond ,6 'ullet 0.;"

/areolder loan ,7 'ullet 1.2"5 >leent

&'!=as nterest

S!e$ 8 - Define !(e Senior De+! Re$a%#en! Sc(ed"le

Bae Ra!e 86,6A 86,,E

B 3% &'!= for+ard $urve ,16849 3y /A5 =ate ,1,8;7

C /+aped 76166#loating 'ase =ate ,16326

Ter# Loan A'ase =atenterest rate

Average &ife of te fa$ility Aortisation s$edule (C of total fa$ility) 716

!pening 'alan$e

5rin$ipal repayentsas s+eep (3;3.D)nterest e"pense

losing 'alan$e

Ter# Loan B'ase =atenterest rate

Aortisation s$edule (C of total fa$ility)


13/158

!pening 'alan$e5rin$ipal repayentsas s+eep 0.0nterest e"pense

losing 'alan$e

Ter# Loan C'ase =ate

nterest rate

Aortisation s$edule (C of total fa$ility)!pening 'alan$e5rin$ipal repayentsas s+eep 0.0nterest e"pense

losing 'alan$e

Ex$and for !(e aner


14/158

A#o"n! S$read In!ere! ra!e

376 917376 917

9


15/158

0.0 0.0 0.0 (3;F.2) (F;F.0) 0.0

0.0 0.0 0.0 0.0 0.0 (D6D.6)


16/158

86,4E 86,5E 8686E

917942 913257 914624

814;2, 815927 815278

616 616 616

0.0 0.0 0.0


17/158

0.0 0.0 0.0

0.0 0.0 0.0


18/158

Financial Modelling LABFinance In!r"#en! * Me==anine


De+! S!r"c!"re A#or!1 x EBITDA





&'!=as nterest

S!e$ 8 - Define !(e Me==anine re$a%#en! c(ed"le


3% &'!= for+ard $urve ,16849B 3y /A5 =ate ,1,8;7C /+aped 76166#loating 'ase =ate ,16326

Me==anine'ase =ate 1.0?C5 >leent 6.00Cas >leent E.F?C

Aortisation s$edule (C of !p. balan$eG5) 0.0C!pening 'alan$e 3,000.0

5rin$ipal repayents 0.05 nterest e"pense (1?0.0)as nterest e"pense (22E.3)

losing 'alan$e 3,1?0.0

Ex$and for !(e aner

Ter#./ear0


19/158


376 917376 917

9


20/158

8686E

914624

815278

2.DEC6.00CD.;EC

0.0C0.0

0.00.00.0


21/158

Financial Modelling LABFinance In!r"#en! * >ig( /ield Bond







&'!=as nterest

S!e$ 8 - Define !(e >/ Bond re$a%#en! c(ed"le

86,6A 86,,E

>/ Bondnterest rate

Aortisation s$edule (C of !p. balan$eG5)!pening 'alan$e5rin$ipal repayentsnterest e"pense

losing 'alan$e

Ex$and for !(e aner

Ter#./ear0


22/158


376 917376 917

9


23/158

8686E


24/158

Financial Modelling LABFinance In!r"#en! * RCF CA?E@







&'!=as nterest

S!e$ 8 - Define !(e RCF and Ca$Ex facili!ie re$a%#en! c(ed"le

Bae Ra!e 86,,E


RCF and Ca$Ex Re$a%#en! Sc(ed"le 8665A 86,6A 86,,E

RCF Facili!%'ase =atenterest rateoitent fee

oitent4ndra+n

!pening as 'alan$e on 'alan$e /eetas n$reaseH9e$reaselosing balan$e before =#

9ra+do+nH(=epayent)%iniu $losing $as balan$e ,6616

Ter#./ear0


25/158

!pening 'alan$e9ra+do+nH(=epayent)

losing 'alan$e 616

nterest e"penseoitent fee on 4nused =evolver

Ca$Ex Facili!%

'ase =atenterest rateoitent fee

oitent4ndra+n

=epayent (C of total fa$ility)!pening 'alan$e5rin$ipal repayents9ra+do+n 616

losing 'alan$e 616

nterest e"penseoitent fee on 4nused ape"

Ex$and for !(e aner


26/158


376 917376 917

9


27/158

616 ,6616 ,7616


28/158

8686E

914624

815278

8686E


29/158


30/158

1(. E)*"T+ ",-T*ME,T-


31/158

Financial Modelling LABE"i!% In!r"#en! * S(are(older Loan



/enior debt=# #a$ility 2 -ape" #a$ility 2 'ulletTer &oan A 2 'alloon 1.?"Ter &oan ' 3 'ullet 1.;"Ter &oan 4 'ullet 1.;"


- 5 >leentas >leent

8 'ond ,6 'ullet 0.;"


&'!=as nterest

S!e$ 8 - Define !(e S(are(older Loan re$a%#en! c(ed"le



S(are(older loan5 >leent

Aortisation s$edule (C of !p. balan$eG5)!pening 'alan$e 0.0

5rin$ipal repayents 0.0

5 nterest e"pense 0.0

losing 'alan$e 0.0 0.0

Ex$and for !(e aner

Ter#./ear0


32/158


376 917376 917

9


33/158

8686E

914624

815278

0.00.00.0

0.0


34/158

2. O/E0T"O,0 & F",0,C"


35/158

0 -T0TEME,T- $F-' MODE


36/158


O$era!ing A"#$!ion

A"#$!ion

n 'reado+n of te opany7s ain n$oe /tateent figures based on its reportable operating segents

n =evenues to gro+ at a 2010-1; A= of $. ;.EC trending to $. 3.;C in later years driven by a 1;.2C A= of te 5 segent as +ell as st

n ross argins e"pe$ted to de$rease fro $. FDC in 2010 to FEC in later years driven by an in$rease of !/ in te 5 segent

n !vereads to de$rease as a C of sales fro $. 36.;C to 3;C

n >'T9A argins to reain broadly flat $. 23C

n ap>" assued to be bet+een ; - F C of revenues

n oring apital assued to de$rease over tie leading to a positive $as ipa$t

'ote /( 0iscal year end or )tarbucks is end o )e+tember 'ote #( 0or modeling +ur+oses e assumed t*at t*e transaction closes in )e+tember #$/$ and t*at #$/$ Revenues and 1BI23A are 14+ected b


37/158

o+t in oter segents

n our ssum+tions


38/158


O$era!ional Model

,A US .M0< F/ End Se$*86,6 8663A 8664A 8665A

=etail /ales 2


39/158

nternational (6;D.E) (?11.;) (E3;.3)

5 (66.;) (EE.1) (F1.1)

SG&A .;Juivalents 84,1; 82514 75514

A$$ounts =e$eivable 84315 ;8517 83,16

nventories 25,13 25814 22915

!ter urrent Assets ,9414 ,2518 ,9318

C"rren! Lia+ili!ie

A$$ounts 5ayable ;5614 ;8915 8231,

A$$rued >"penses !ter 37214 34813 58716

9eferred =evenue 85215 ;2419 ;4413

Da%

A$$ounts =e$eivable 11.2 11.6 10.1

nventories 63.1 F;.; F6.1

!ter urrent Assets F.? F.D F.F

A$$ounts 5ayable 3F.E 2F.F 22.F

A$$rued >"penses !ter 2D.; 2E.F 3;.F

9eferred =evenue 11.F 13.0 1;.F


40/158

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E


41/158

(100.0C)

(100.0C)

(100.0C)

(100.0C)

(100.0C)

(100.0C)

(100.0C)

(100.0C)


42/158


O$era!ional Model

,A US .M0< F/ End Se$*86,6 8663A 8664A 8665A

=etail /ales 2


43/158

nternational (6;D.E) (?11.;) (E3;.3)

5 (66.;) (EE.1) (F1.1)

SG&A .;Juivalents 84,1; 82514 75514

A$$ounts =e$eivable 84315 ;8517 83,16

nventories 25,13 25814 22915

!ter urrent Assets ,9414 ,2518 ,9318

C"rren! Lia+ili!ie

A$$ounts 5ayable ;5614 ;8915 8231,

A$$rued >"penses !ter 37214 34813 58716

9eferred =evenue 85215 ;2419 ;4413

Da%

A$$ounts =e$eivable 11.2 11.6 10.1

nventories 63.1 F;.; F6.1

!ter urrent Assets F.? F.D F.F

A$$ounts 5ayable 3F.E 2F.F 22.F

A$$rued >"penses !ter 2D.; 2E.F 3;.F

9eferred =evenue 11.F 13.0 1;.F


44/158

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

?,1E?.? ?,;2;.1 ?,6E6.? ?,D3E.1 D,20F.3 D,;?1.; D,E6F.D

916 ;16 ;16 ;16 ;16 ;16 ;16

6E?.; 6D?.E E1D.E E;1.3 E63.F E?6.; ?10.0

916 ;16 ;16 ;16 ;16 ;16 ;16

4


45/158

(DEF.F) (1,01;.F) (1,0FF.1) (1,0DE.3) (1,1;1.2) (1,1?6.?) (1,23;.3) 3.FC

(1F6.6) (166.0) (1E;.3) (1?3.0) (1D2.2) (201.?) (211.D) 2?.FC

.9


46/158


Financial S!a!e#en! ?roec!ion

S!e$ , * Define O$era!ional a"#$!ion of !(e #odel

.0

/ales ro+t (C)

>'T9A %argin (C /ales)

ap>" (C /ales)

*et oring apital (C /ales)

9A (C /ales)

Ta" (C >'T)

S!e$ 8 - Foreca! !(e inco#e !a!e#en!

M 8665A 86,6A

Reen"e 533912 ,636319

EBITDA ,24,12 899917

9epre$iation Aortisation *9421; *92;16

EBIT 1,1DF.3 1,D?1.F

In!ere! Inco#e

To!al In!ere! Ex$eneNe! In!ere!

EBT

Tax

*et in$oe

S!e$ ; * Calc"la!e !(e ca( flo & ca( +alance

M 86,6A

EBITDA

AdustentsI

- ange in *et oring apital

- Ta"

- ap>"

Ca( flo +efore financing .CFBF0

## (C >'T9A)


47/158

nterest >"pense

nterest n$oe

Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0

9ebt =epayents

Exce Ca(

!pening as 'alan$eas n$reaseH(9e$rease)

Cloing Ca( Balance 0.0

as balan$e $e$

S!e$ 9 *Calc"la!e +alance (ee! and calc"la!e !(e f"!"re +alance (ee!

M 86,6A

urrent oring apital

as >Juivalents

*et oring apital

Total oring apital

ross 5roperty, 5lant >Juipent 6,1;1.6

&ess A$$uulated 9epre$iation (3,E2F.1)

*et 5roperty, 5lant >Juipent 2,;16.F

!ter Assets

Total fi"ed assets E11.?

ood+ill 1;,D3?.3

To!al ae!

&ong ter debt

/enior 9ebt E,020.0

%e@@anine 3,000.0

>Juity

oon /to$ ;,020.0

=etained >arnings

Total /to$olders7 >Juity

To!al Lia+ili!ie & E"i!%

'alan$e $e$ !


48/158

86,,E 86,8E 86,;E 86,9E 86,7E 86,2E 86,3E

;15 716 71, 912 ;17 ;19 ;19

881; 8817 8;13 8;13 8;1, 8;1, 8;1,

718 718 716 917 916 ;16 ;16

.31;0 .3140 .41;0 .41;0 .41;0 .41;0 .41;0

91; 918 814 812 812 812 812

;917 ;917 ;917 ;917 ;917 ;917 ;917

86,,E 86,8E 86,;E 86,9E 86,7E 86,2E 86,3E

0.0

.4;4190 .49,190 .432130 .4581;0 .448170 .424130 .438160

.4;4190

0.0 0.0 0.0 0.0 0.0 0.0 0.0

86,,A 86,8A 86,;A 86,9A 86,7A 86,2A 86,3A


49/158

(1?F.0) (3E0.0) (FFF.0) (E;0.0) (FE3.2) (2F0.0) (2,?0D.?)

NO. NO. NO. NO. NO. NO. NO.

86,,A 86,8A 86,;A 86,9A 86,7A 86,2A 86,3A

E11.? E11.? E11.? E11.? E11.? E11.? E11.?

1;,D3?.3 1;,D3?.3 1;,D3?.3 1;,D3?.3 1;,D3?.3 1;,D3?.3 1;,D3?.3

3,1?0.0 3,3E0.? 3,FE3.0 3,E?E.; ;,01;.E ;,2FF.6 ;,F10.D

;,020.0 ;,020.0 ;,020.0 ;,020.0 ;,020.0 ;,020.0 ;,020.0

! ! ! ! ! ! !


50/158

86,4E 86,5E 8686E

;19 ;19 ;19

8;1, 8;1, 8;1,

;16 ;16 ;16

.41;0 .41;0 .41;0

812 812 812

;917 ;917 ;917

CAGR

86,4E 86,5E 8686E ,,E*,7E ,2E*86E

K9:H0L K9:H0L

K9:H0L K9:H0L

K9:H0L K9:H0L

K9:H0L K9:H0L

.25,140 .3;4120 616

K9:H0L K9:H0L

0.0 0.0 0.0

K9:H0L K9:H0L

86,4A 86,5A 8686A


51/158

0.0 (2,06?.;) 0.0

NO. NO. NO.

86,4A 86,5A 8686A

E11.? E11.? E11.?

1;,D3?.3 1;,D3?.3 1;,D3?.3

;,E?1.F 0.0 0.0

;,020.0 ;,020.0 ;,020.0

! ! !


52/158


Financial S!a!e#en! ?roec!ion

S!e$ , * Define O$era!ional a"#$!ion of !(e #odel

.0

/ales ro+t (C)

>'T9A %argin (C /ales)

ap>" (C /ales)

*et oring apital (C /ales)

9A (C /ales)

Ta" (C >'T)


M 8665A 86,6A

Reen"e 533912 ,636319

EBITDA ,24,12 899917

9epre$iation Aortisation *9421; *92;16

EBIT 1,1DF.3 1,D?1.F

In!ere! Inco#e

To!al In!ere! Ex$ene

Ne! In!ere!

EBT

Tax

*et in$oe

S!e$ ; * Calc"la!e !(e ca( flo & ca( +alance

M 86,6A

EBITDA

AdustentsI


- Ta"

- ap>"


## (C >'T9A)

nterest >"pense


53/158

nterest n$oe


9ebt =epayents

Exce Ca(

!pening as 'alan$e

as n$reaseH(9e$rease)Cloing Ca( Balance 0.0

as balan$e $e$

S!e$ 9 *Calc"la!e +alance (ee! and calc"la!e !(e f"!"re +alance (ee!

M 86,6A

urrent oring apital

as >Juivalents 0.0

*et oring apital (EE6.6)

Total oring apital (EE6.6)

ross 5roperty, 5lant >Juipent 6,1;1.6

&ess A$$uulated 9epre$iation (3,E2F.1)

*et 5roperty, 5lant >Juipent 2,;16.F

!ter Assets

Total fi"ed assets E11.?

ood+ill 1;,D3?.3

To!al ae! ,3Juity

oon /to$ ;,020.0

=etained >arnings 0.0

Total /to$olders7 >Juity ;,020.0

To!al Lia+ili!ie & E"i!% ,3


54/158

86,,E 86,8E 86,;E 86,9E 86,7E 86,2E 86,3E

;15 716 71, 912 ;17 ;19 ;19

881; 8817 8;13 8;13 8;1, 8;1, 8;1,

718 718 716 917 916 ;16 ;16

.31;0 .3140 .41;0 .41;0 .41;0 .41;0 .41;0

91; 918 814 812 812 812 812

;917 ;917 ;917 ;917 ;917 ;917 ;917

86,,E 86,8E 86,;E 86,9E 86,7E 86,2E 86,3E

11,12D.0 11,6?D.1 12,2?6.F 12,?;D.1 13,2D?.6 13,EF2.1 1;,221.6

2,;ED.E 2,626.2 2,D12.2 3,0;D.1 3,06E.0 3,1E3.2 3,2?3.2

(;?;.1) (;D;.E) (33D.6) (3;0.2) (3F1.3) (362.6) (3E;.;)

1,DDF.6 2,131.6 2,FE2.6 2,E0?.D 2,E1F.E 2,?10.F 2,D0?.?

2.6 E.F 11.E 1F.1 1D.0 26.6 2;.;

.4;4190 .49,190 .432130 .4581;0 .448170 .424130 .438160

.4;7140 .4;9160 .427160 .433180 .42;120 .4981,0 .493130

1,1FD.? 1,2DE.6 1,E0E.E 1,?31.E 1,?F2.2 1,D6?.; 2,061.2

(;00.1) (;;E.E) (F?D.1) (631.D) (63D.0) (6ED.1) (E11.1)

EFD.6 ?;D.D 1,11?.F 1,1DD.E 1,213.2 1,2?D.3 1,3F0.1

86,,A 86,8A 86,;A 86,9A 86,7A 86,2A 86,3A

2,;ED.E 2,626.2 2,D12.2 3,0;D.1 3,06E.0 3,1E3.2 3,2?3.2

3D.6 D2.F 106.; ;D.? ;;.3 3E.E 3D.0

(;00.1) (;;E.E) (F?D.1) (631.D) (63D.0) (6ED.1) (E11.1)

(F?0.F) (60E.?) (61;.3) (FE?.2) (F31.D) (;12.6) (;26.6)

,


55/158

2.6 E.F 11.E 1F.1 1D.0 26.6 2;.;

36814 4851; 57618 ,


56/158

86,4E 86,5E 8686E

;19 ;19 ;19

8;1, 8;1, 8;1,

;16 ;16 ;16

.41;0 .41;0 .41;0

812 812 812

;917 ;917 ;917

CAGR

86,4E 86,5E 8686E ,,E*,7E ,2E*86E

1;,E0E.? 1F,211.2 1F,E32.F ;.6C 3.;C

3,3DE.2 3,F1F.3 3,63E.E F.FC 3.FC

(3?6.F) (3DD.0) (;12.0) (E.EC) 3.2C

3,010.E 3,116.3 3,22F.? ?.0C 3.FC

2;.6 2D.E 3E.?

.25,140 .3;4120 616

.223180 .364150 ;314

2,3;3.F 2,;0E.; 3,263.F 12.;C 13.FC

(?0?.F) (?30.6) (1,12F.D)

1,F3F.0 1,FE6.? 2,13E.6 12.;C 13.FC

86,4A 86,5A 8686A

3,3DE.2 3,F1F.3 3,63E.E

;0.; ;1.? ;3.3

(?0?.F) (?30.6) (1,12F.D)

(;;1.2) (;F6.3) (;E2.0)

8


57/158

2;.6 2D.E 3E.?

,


58/158

!. 0*0T"O,


59/158


Co#$ara+le Model

Co#$ara+le .M0

Co#$an% !o al"ed Ae!

S!ar+"c' Cor$ora!ion 2A9 !

Tier III: S#all*Ca$

9!%*!7/ 5NNA *

>*987/ !HT>

>>/>A> #AT!=8 *HT>

al"a!ion ra!io ?E ra!ioNo!e >Juity valuation

%9!*A&97/ !=5 21.3;"

84%L '=A*9/ * 2;.F2"

5!T&> %>MA* =&& * 0.FD"

MeanMedian ,717x

T% !=T!*/ * 1D.?1"

9A=9>* =>/TA4=A*T/ * 1F.00"

5A*>=A '=>A9 ! 1D.?3"

MeanMedian ,418x

9!%*!7/ 5NNA *16.EE"

>*987/ !HT> 22.D1"

>>/>A> #AT!=8 *HT> 1F.;3"

MeanMedian ,419x

OERALLMeanMedian ,319x

>ig( 8917x

Lo 612x


60/158

S!ar+"c' Cor$ora!ion al"a!ion .M0 Aerage ra!io

5> ratio 1E.36"

5H/ales 1.6D"

5H>'T9A E.D?"

5H'oo :alue 6.3D">:H>'T9A 10.F;"

>:H/ales 2.11"

O /ubtra$ted *et 9ebt on >: ratios


61/158

Balance (ee!

Boo' al"e of De+! E"i!% Boo' al"e LTM Reen"e

79519 ;


62/158

E"i!% al"a!ion .M0

D;F.6 16,;11.3

10,E0E.; 1?,110.6

2,;;;.F 1D,F12.;

3,6E;.E 23,;6E.62,;;;.F 2F,222.;

10,E0E.; 21,DD2.?

S!ar+"c' Cor$ora!ionindica!or


63/158

LTM Financial S!a!i!ic Mar'e! da!a

EBITDA Ne! inco#e No1 of (are .#0 S(are $rice .0

8: valuation >: valuation

10.2F" 3.E;"

10.F3" 2.2F"

1E.2F" 3.;1"

,813x ;1,x

11.0?" 2.?0"

E.D1" 1.0F"

11.33" 1.?6"

,61,x ,15x

D.3D" 1.F0"

?.3;" 1.26"

?.?0" 1.06"

414x ,1;x

,617x 81,x

,318x ;13x

315x ,1,x


64/158


65/158

S$ecific al"e Drier .#0 Mar'e! Ca$i!alia!ion

* 88


66/158


67/158

Mar'e! al"a!ion

En!er$rie al"e .E"i!% J Ne! de+!0 ?redic!ed Be!a

;


68/158


69/158


70/158


71/158

3(. Discounted Cas Flo $


72/158

DCF'


73/158


Be!a Anal%i

Co#$an% Co"n!r% Ne! De+! E"i!% al"e E

opany 1 1,0?? E1; 1,?03 60.;C

opany 2 601 1,662 2,263 26.FC

opany 3 1;E DE 2;; 60.2C

opany ; 1?3 226 ;0D ;;.EC

opany F 312 210 F22 FD.EC

opany 6 11; 21? 332 3;.3Copany E DF 13E 233 ;0.DC

opany ? 6D1 F12 1,203 FE.;C

opany D 13D 12E 266 F2.1C

opany 10 1,12E D;D 2,0E6 F;.3C

>ig( 2619

Lo 8217

Mean 951,

Median 7;18

Gearing.D DJE0


74/158

Leered Be!a

1F2.;C 33.3C 1.6; 0.?1

36.1C 2F.0C 1.00 0.ED

1F1.3C 2F.0C 1.2E 0.FD

?1.0C 2F.0C 1.?; 1.1;

1;?.3C 2F.0C 1.EE 0.?;

F2.3C 2F.0C 0.?F 0.616D.3C 2?.0C 0.?1 0.F;

13;.?C 33.3C 1.D0 1.00

10?.?C 2F.0C 1.33 0.E3

11?.EC 33.3C 1.30 0.E2

,7819 ,156 ,1,9

;21, 614, 6179

,671; ,1;3 6134

,,;13 ,1;, 6132

De+!*!o*E"i!%.DE0

Effec!ie !axra!e

Unleered+e!a


75/158


76/158


77/158


A? Model

S!e$ , * S!"d% !(e !arge!< define 'e% gro!( drier and $roec! !(e Inco#e S!a!e#en!

Inco#e S!a!e#en! .M0 86,6A 86,,E 86,8E

=evenuesC ro+t

!/

ross 5rofit

/A

>'T9A

9epre$iation Aortisation

>'T

Ta"es

>'AT

S!e$ 8 * Calc"la!e !(e dico"n! ra!e< "ed !o dico"n! !(e CF and Ter#inal al"e .T0 !o !(e $re

!nly te unlevered $ost of eJuity (A5%)

Dico"n! Ra!e Calc"la!ion

Cost of Equity

=is-free =ate 716

%aret =is 5reiu 41,

4nlevered 'eta -

Co! of E"i!% .CA?M0

S!e$ ; * ?roec! !(e !arge!K Ca( Flo ignoring !(e ca$i!al !r"c!"re and dico"n! !(e# i!( !(

FCF .M0 86,6A 86,,E 86,8E

>'T9A


>'T


78/158

Ta"es

>'AT

5lusI 9epre$iation Aorti@ation

&essI apital >"penditures

&essI n$rease in *et oring apital

Unleered Free Ca( Flo

9is$ount #a$tor

5resent :alue of as #lo+

C"#"la!ie ? of FCF

S!e$ 9 * De!er#ine !(e Ter#inal al"e .T0< !o "an!if% !(e re#aining al"e of !(e !arge! af!er !(e

oose %etodI 5erpetuity ro+t %etod (5% - ordon %etod)

>"it %ultiple %etod (>%%)

?er$e!"i!% Gro!( Me!(od

Terinal 8ear ## (2020>)

5erpetuity ro+t =ate ;16 Ter#inal al"e

9is$ount #a$tor

? of Ter#inal al"e

S!e$ 7 * Calc"la!e !(e !ax +enefi! aocia!ed i!( !(e ca$i!al !r"c!"re

In!ere! Tax S(ield Calc"la!ion .M0 86,6A 86,,E 86,8E

'eginning 9ebt 1,000.0 ?00.0

=epayent (>nd of 8ear) .866160 .866160

>nding 9ebt ,"pense

nterest Ta" /ield

9is$ount #a$tor

5resent :alue

C"#"la!ie ? of Tax S(ield

Perpetuity Growth Method (PGM - Gordon Method)


79/158

S!e$ 2 * De!er#ine !(e al"a!ion:

a) te 5: of ##, 5: of T: and 5: of Ta" sields b) >nterprise (>:)

86,6A

5: of ##

5: of T:5: of Ta" /ields

En!er$rie al"e

I#$lied E"i!% al"e and S(are ?rice

>nterprise :alue

&essI Total 9ebt .5;81,0

&essI 5referred /e$urities

&essI *on$ontrolling nterest

5lusI as and as >Juivalents ,


80/158

,612 0.00 0.00 0.00


81/158

86,;E 86,9E 86,7E 86,2E 86,3E 86,4E

n! "ing:

Unleering Be!a

&evered 'eta

9ebt-to->Juity ratio (9H>)Ta" =ate

4nlevered 'eta

co! of e"i!%

86,;E 86,9E 86,7E 86,2E 86,3E 86,4E


82/158

$roec!ion $eriod

1

Exi! M"l!i$le Me!(od

Terinal 8ear >'T9A (2020>)

>"it %ultiple 316x Ter#inal al"e

9is$ount #a$tor

? of Ter#inal al"e

86,;E 86,9E 86,7E 86,2E 86,3E 86,4E

600.0 ;00.0 200.0 0.0 0.0 0.0

.866160 .866160 .866160 .6160 .6160 .6160

;00.0 200.0 0.0 0.0 0.0 0.0


83/158

I#$lied EEBITDA

>nterprise :alue

&T% >'T9A

I#$lied EEBITDA

I#$lied ?er$e!"i!% Gr

Exi

416x 516x 0.0 8166 8176

0 0

D A C C 412 0 0

0 0 51, 0 0

0 0 512 0 0

0 0 ,61, 0 00 0 ,612 0 0

? of Ter#inal al"e a of

Exi

416x 516x K9:H0L 716x 216x

0 0

D A C C 412 K9:H0L K9:H0L

0 0 51, K9:H0L K9:H0L

0 0 512 K9:H0L K9:H0L

0 0 ,61, K9:H0L K9:H0L

0 0 ,612 K9:H0L K9:H0L

I#$lied En!er$rie al"e

Exi

416x 516x 0.0 716x 216x

0.00 0.00

D A C C 412 0.0" 0.0"

0.00 0.00 51, 0.0" 0.0"

0.00 0.00 512 0.0" 0.0"

0.00 0.00 ,61, 0.0" 0.0"


84/158

0.00 0.00 ,612 0.0" 0.0"


85/158

CAGR

86,5E 8686E ,6A*,7E ,2E*86E

K9:H0L K9:H0L

K9:H0L K9:H0L

K9:H0L K9:H0L

K9:H0L K9:H0L

K9:H0L K9:H0L

86,5E 8686E


86/158

86,5E 8686E

0.0 0.0

.6160 .6160

0.0 0.0


87/158

!( Ra!e

! M"l!i$le

;166 ;176 9166

0 0 0

0 0 0

6 0 0

0 0 00 0 0

En!er$rie al"e

! M"l!i$le

316x 416x 516x

K9:H0L K9:H0L K9:H0L


HDI6 K9:H0L K9:H0L



LTM EBITDA

! M"l!i$le

316x 416x 516x

0.0" 0.0" 0.0"

0.0" 0.0" 0.0"

616x 0.0" 0.0"

0.0" 0.0" 0.0"


88/158

0.0" 0.0" 0.0"


89/158


A? Model

S!e$ , * S!"d% !(e !arge!< define 'e% gro!( drier and $roec! !(e Inco#e S!a!e#en!

Inco#e S!a!e#en! .M0 86,6A 86,,E 86,8E

=evenues ,,,8516 ,,2451,C ro+t *A F.0C

!/ *92;91; *943717

ross 5rofit 6,;D;.E 6,?13.6

/A *96,71, *9,4319

>'T9A 2,;ED.E 2,626.2

9epre$iation Aortisation *9491, *95913

>'T 1,DDF.6 2,131.6

Ta"es (6??.F) (E3F.;)

>'AT 1,30E.1 1,3D6.2

S!e$ 8 * Calc"la!e !(e dico"n! ra!e< "ed !o dico"n! !(e CF and Ter#inal al"e .T0 !o !(e $re

!nly te unlevered $ost of eJuity (A5%)

Dico"n! Ra!e Calc"la!ion

Cost of Equity

=is-free =ate 716

%aret =is 5reiu 41,

4nlevered 'eta 0.?

Co! of E"i!% .CA?M0 ,,1;

S!e$ ; * ?roec! !(e !arge!K Ca( Flo ignoring !(e ca$i!al !r"c!"re and dico"n! !(e# i!( !(

FCF .M0 86,6A 86,,E 86,8E

>'T9A 2,;ED.E 2,626.2

9epre$iation Aortisation (;?;.1) (;D;.E)

>'T 1,DDF.6 2,131.6


90/158

Ta"es (6??.F) (E3F.;)

>'AT 1,30E.1 1,3D6.2

5lusI 9epre$iation Aorti@ation ;?;.1 ;D;.E

&essI apital >"penditures (F?0.F) (60E.?3)

&essI n$rease in *et oring apital 3D.6 D2.F

Unleered Free Ca( Flo ,%%)

?er$e!"i!% Gro!( Me!(od

Terinal 8ear ## (2020>) B2,0D6.1

5erpetuity ro+t =ate ;16 Ter#inal al"e 87


91/158

S!e$ 2 * De!er#ine !(e al"a!ion:

a) te 5: of ##, 5: of T: and 5: of Ta" sields b) >nterprise (>:)

86,6A

5: of ## DF0;.6

5: of T: ?D02.;5: of Ta" /ields ;2.3

En!er$rie al"e ,4nterprise :alue B1?,;;D.2

&essI Total 9ebt .5;81,0

&essI 5referred /e$urities -

&essI *on$ontrolling nterest -

5lusI as and as >Juivalents ,


92/158

512 30.D; 30.D; ;6159

,61, 2?.E2 2?.E2 2?.E2

,612 26.E? 26.E? 26.E?


93/158

86,;E 86,9E 86,7E 86,2E 86,3E 86,4E

,884217 ,84951, ,;85412 ,;3781, ,988,12 ,936314F.1C ;.6C 3.FC 3.;C 3.;C 3.;C

*78;91; *79351; *723712 *743814 *26331, *284414

E,0F2.2 E,36D.? E,623.0 E,?ED.3 ?,1;;.F ?,;1D.0

*9,9616 *9;8613 *977216 *93621, *942,19 *768,14

2,D12.2 3,0;D.1 3,06E.0 3,1E3.2 3,2?3.2 3,3DE.2

*;;512 *;9618 *;7,1; *;2812 *;3919 *;4217

2,FE2.6 2,E0?.D 2,E1F.E 2,?10.F 2,D0?.? 3,010.E

(??E.6) (D3;.6) (D36.D) (D6D.6) (1,003.F) (1,03?.E)

1,6?F.1 1,EE;.3 1,EE?.? 1,?;0.D 1,D0F.3 1,DE2.0

n! "ing:

Unleering Be!a

&evered 'eta 6149

9ebt-to->Juity ratio (9H>) ,,1,

Ta" =ate ;917

4nlevered 'eta 0.E?

co! of e"i!%

86,;E 86,9E 86,7E 86,2E 86,3E 86,4E

2,D12.2 3,0;D.1 3,06E.0 3,1E3.2 3,2?3.2 3,3DE.2

(33D.6) (3;0.2) (3F1.3) (362.6) (3E;.;) (3?6.F)

2,FE2.6 2,E0?.D 2,E1F.E 2,?10.F 2,D0?.? 3,010.E


94/158

(??E.6) (D3;.6) (D36.D) (D6D.6) (1,003.F) (1,03?.E)

1,6?F.1 1,EE;.3 1,EE?.? 1,?;0.D 1,D0F.3 1,DE2.0

33D.6 3;0.2 3F1.3 362.6 3E;.; 3?6.F

(61;.32) (FE?.21) (F31.D;) (;12.F6) (;26.6F) (;;1.23)

106.; ;D.? ;;.3 3E.E 3D.0 ;0.;

,


95/158

I#$lied EEBITDA

>nterprise :alue B1?,;;D.2

&T% >'T9A 8


96/158

30.D; 30.D; 512 D.6" D.6"

2?.E2 2?.E2 ,61, ?.D" ?.D"

26.E? 26.E? ,612 ?.3" ?.3"


97/158

CAGR

86,5E 8686E ,6A*,7E ,2E*86E

,78,,18 ,73;817 ;.6C 3.;C3.;C 3.;C

*27641, *23;719

?,E03.0 ?,DDE.0 ;.1C 3.;C

*7,4313 *7;751;

3,F1F.3 3,63E.E F.FC 3.FC

*;5516 *9,816

3,116.3 3,22F.? ?.0C 3.FC

(1,0EF.1) (1,112.D)

2,0;1.2 2,112.D ?.0C 3.FC

86,5E 8686E

3,F1F.3 3,63E.E

(3DD.0) (;12.0)

3,116.3 3,22F.?


98/158

(1,0EF.1) (1,112.D)

2,0;1.2 2,112.D

3DD.0 ;12.0

(;F6.3;) (;E1.DE)

;1.? ;3.3

8


99/158

!( Ra!e

! M"l!i$le

;166 ;176 9166

2E,E3? 2D,;?; 31,611

2F,3DD 26,?00 2?,;EF8;


100/158

512x D.6" D.6"

?.D" ?.D" ?.D"

?.3" ?.3" ?.3"


101/158

!C. (O


102/158

" S!e$ , * De!er#ine !(e So"rce and Ue of f"nd

So"rce of F"nd M x EBITDA

/enior debt K9:H0L 96166

%e@@anine K9:H0L ,7166

To!al de+! K9:H0L K9:H0L

>Juity K9:H0L 97166

To!al E"i!% K9:H0L K9:H0L

To!al o"rce 0.0 K9:H0L

/4 $e$ !

" S!e$ 8 - Define !(e a"#$!ion of !(e #odel

.0 8665A 86,6A 86,,E 86,8E

/ales ro+t (C) ,2 ,2>'T9A %argin (C /ales) ;8 ;89A (C /ales) ; ;ange in oring apital (C /ales) 9 9ap>" (C /ales) 9 9Ta" (C >'T) 89 89as /+eep (C of >"$ess as) 37 37

" S!e$ ; - Define !(e de+! c(ed"le and $ricing

De+! S!r"c!"re Ter# ./ear0

/enior debt 7%e@@anine 3

5 >leentas >leent

&'!=

De+! Re$a%#en! Sc(ed"le 8665A 86,6A 86,,E 86,8E

Senior de+!

nterest rate E.FFC E.FFC

#i"ed $arges $over Aortisation s$edule (C of total fa$ility) ,6 ,7

!pening 'alan$e

5rin$ipal repayents 0.0 0.0

as s+eep

nterest e"pense

losing 'alan$e 0.0

Me==anine

nterest rate - 5 F.0C F.0C

nterest rate - $as ?.3C ?.3C

Aortisation s$edule (C of total fa$ility) 6 6

!pening 'alan$e5rin$ipal repayents 0.0 0.0

nterest e"pense - 5

nterest e"pense - $as

losing 'alan$e 0.0

Total /enior debt

Total debt


103/158

" S!e$ 9 - Foreca! !(e Inco#e S!a!e#en!

M 8665A 86,6A 86,,E 86,8E

Reen"e 28319 32516

EBITDA ,4418 8;613

9epre$iationAortisation

EBIT 271, 3219

In!ere!

/enior debt

%e@@anine 5

%e@@anine as

Total as interest (/enior debt G %e@@anine $as)

To!al In!ere! .Ca( in!ere! J Me==anine ?I)0

nterest $e$ ! !

EBT

Tax 0.0 0.0

*et in$oe

" S!e$ 7 * Calc"la!e !(e ca( flo & ca( +alance

M 8665A 86,6A 86,,E 86,8E

EBITDA

AdustentsI

- ange in oring apital

- Ta"

- ap>"


## (C >'T9A) K9:H0L K9:H0L

Total as interest (/enior debt G %e@@anine $as)


9ebt =epayents

Exce Ca(

as /+eep 0.0 0.0

!pening as 'alan$e 616

as n$reaseH(9e$rease)

Cloing Ca( Balance

as balan$e $e$ NO. NO.


104/158

" S!e$ 2 - Calc"la!e !(e credi! !a!i!ic

M 8665A 86,6A 86,,E 86,8E

>'T9A

*et /enior debt

*et Total debt

Total as interest (/enior debt G %e@@anine $as)ap>"

Leerage ra!io .#axi#"#0

1. *et /enior debtH>'T9A

Assued eadroo 8616 8616

Adusted >'T9A

ovenant &evel

?ro$oed Coenan! 6166x 6166x

eadroo K9:H0L K9:H0L

2. *et Total debtH>'T9A


Adusted >'T9A

ovenant &evel

?ro$oed Coenan! 6166x 6166x eadroo K9:H0L K9:H0L

In!ere! coer ra!io .#ini#"#0

1. >'T9AHas interest


Adusted >'T9A

ovenant &evel



2. (>'T9A-ape")Has interest


Adusted >'T9A

ovenant &evel

?ro$oed Coenan! 6166x 6166x eadroo K9:H0L K9:H0L

Ca( coer .#ini#"#0

#'#H(as interestG9ebt =epayent)O K9:H0L K9:H0L

Coenan! ,16x ,16xeadroo K9:H0L K9:H0L

OAlso no+n as fi"ed $arges $over

" S!e$ 3 - Calc"la!e !(e IRR and eni!ii!% anal%i

Re!"rn Anal%i * Seni!ii!% exi! %ear exi! #"l!i$le

8ear of >"it 86,9 86,7 86,2>'T9A

Total debt

losing $as position

?roceed !o E"i!%86,9 86,7 86,2

EBITDA Exi! M"l!i$le

716x 0.0 0.0 0.0

216x 0.0 0.0 0.0

316x 0.0 0.0 0.0


105/158

Ue M

>'T9A (0E)

%ultiple 216x

>nterprise value

#ees (C) 7166

To!al Ue

86,;E 86,9E 86,7E 86,2E 86,3E

,2 ,6 3 7 7;; ;9 ;7 ;7 ;7; ; ; ; ;; ; 9 9 9; ; 9 9 9

89 89 89 89 8937 37 37 37 37

A#or!1 x EBITDA A#o"n! Margin In!ere! ra!e

'alloon K9:H0L 0.0 ;187 E.FFC'ullet K9:H0L 0.0

71669166 ?.30C

91;6

86,;E 86,9E 86,7E 86,2E 86,3E

E.FFC E.FFC E.FFC E.FFC E.FFC

86 87 ;6 6 6

0.0 0.0 0.0 0.0 0.0

F.0C F.0C F.0C F.0C F.0C

?.3C ?.3C ?.3C ?.3C ?.3C

6 6 6 6 ,66

0.0 0.0 0.0 0.0 0.0


106/158

86,;E 86,9E 86,7E 86,2E 86,3E

! ! ! ! !

0.0 0.0 0.0 0.0 0.0

86,;E 86,9E 86,7E 86,2E 86,3E

K9:H0L K9:H0L K9:H0L K9:H0L K9:H0L

0.0 0.0 0.0 0.0 0.0

NO. NO. NO. NO. NO.


107/158

86,;E 86,9E 86,7E 86,2E 86,3E

8817 8817 8716 8716 8716

6166x 6166x 6166x 6166x 6166x


8817 8817 8716 8716 8716

6166x 6166x 6166x 6166x 6166xK9:H0L K9:H0L K9:H0L K9:H0L K9:H0L

8817 8817 8716 8716 8716

6166x 6166x 6166x 6166x 6166x


8817 8817 8716 8716 8716

6166x 6166x 6166x 6166x 6166xK9:H0L K9:H0L K9:H0L K9:H0L K9:H0L


,16x ,16x ,16x ,16x 615xK9:H0L K9:H0L K9:H0L K9:H0L K9:H0L

Total eJuity at entry

IRR86,9 86,7 86,2





108/158

" S!e$ , * De!er#ine !(e So"rce and Ue of f"nd

So"rce of F"nd M x EBITDA

/enior debt 74,1; 2.F" 96166

%e@@anine 8,416 0.D" ,7166

To!al de+! EDD.3 3.F" FF.00C

>Juity 27916 2.?" 97166

To!al E"i!% 6F;.0 2.?" ;F.00C

To!al o"rce 1,;F3.3 100.00C

/4 $e$ !

" S!e$ 8 - Define !(e a"#$!ion of !(e #odel

.0 8665A 86,6A 86,,E 86,8E

/ales ro+t (C) ,2 ,2>'T9A %argin (C /ales) ;8 ;89A (C /ales) ; ;ange in oring apital (C /ales) 9 9ap>" (C /ales) 9 9Ta" (C >'T) 89 89as /+eep (C of >"$ess as) 37 37

" S!e$ ; - Define !(e de+! c(ed"le and $ricing

De+! S!r"c!"re Ter# ./ear0

/enior debt 7%e@@anine 3

5 >leentas >leent

&'!=

De+! Re$a%#en! Sc(ed"le 8665A 86,6A 86,,E 86,8E

Senior de+!

nterest rate E.FFC E.FFC

#i"ed $arges $over 1.0" 1.0" Aortisation s$edule (C of total fa$ility) ,6 ,7

!pening 'alan$e F?1.3 ;?6.2

5rin$ipal repayents (F?.1) (?E.2)

as s+eep (3E.0) (3E.1)

nterest e"pense (;3.D) (36.E)

losing 'alan$e F?1.3 ;?6.2 361.?

Me==anine

nterest rate - 5 F.0C F.0C

nterest rate - $as ?.3C ?.3C

Aortisation s$edule (C of total fa$ility) 6 6

!pening 'alan$e 21?.0 22?.D5rin$ipal repayents 0.0 0.0

nterest e"pense - 5 (10.D) (11.;)

nterest e"pense - $as (1?.1) (1D.0)

losing 'alan$e 21?.0 22?.D 2;0.3

Total /enior debt ;?6.2 361.?

Total debt E1F.1 602.2


109/158

" S!e$ 9 - Foreca! !(e Inco#e S!a!e#en!

M 8665A 86,6A 86,,E 86,8E

Reen"e 28319 32516 ?D2.0 1,03;.E

EBITDA ,4418 8;613 2?F.; 331.1

9epre$iationAortisation (26.?) (31.0)

EBIT 271, 3219 2F?.E 300.1

In!ere!

/enior debt (;3.D) (36.E)

%e@@anine 5 (10.D) (11.;)

%e@@anine as (1?.1) (1D.0)

Total as interest (/enior debt G %e@@anine $as) (62.0) (FF.E)

To!al In!ere! .Ca( in!ere! J Me==anine ?I)0 .38150 .23180

nterest $e$ ! !

EBT 1?F.? 232.D

Tax (;;.6) (FF.D)

*et in$oe 1;1.2 1EE.0

" S!e$ 7 * Calc"la!e !(e ca( flo & ca( +alance

M 8665A 86,6A 86,,E 86,8E

EBITDA 2?F.; 331.1

AdustentsI

- ange in oring apital (3F.E) (;1.;)

- Ta" (;;.6) (FF.D)

- ap>" (3F.E) (;1.;)

Ca( flo +efore financing ,2517 ,5819

## (C >'T9A) FD.;C F?.1C

Total as interest (/enior debt G %e@@anine $as) (62.0) (FF.E)

Ca( flo aaila+le for de+! re$a%#en! .Free ca( flo * FCF0 ,6317 ,;213

9ebt =epayents (F?.1) (?E.2)

Exce Ca( 9519 9517

as /+eep (3E.0) (3E.1)

!pening as 'alan$e 616 12.3

as n$reaseH(9e$rease) 12.3 12.;

Cloing Ca( Balance 12.3 2;.E

as balan$e $e$ ! !


110/158

" S!e$ 2 - Calc"la!e !(e credi! !a!i!ic

M 8665A 86,6A 86,,E 86,8E

>'T9A 2?F.; 331.1

*et /enior debt ;E3.? 33E.1

*et Total debt E02.E FEE.F

Total as interest (/enior debt G %e@@anine $as) (62.0) (FF.E)ap>" (3F.E) (;1.;)

Leerage ra!io .#axi#"#0

1. *et /enior debtH>'T9A 1.E" 1.0"


Adusted >'T9A 22?.; 26;.D

ovenant &evel 2.0?" 1.2E"

?ro$oed Coenan! 81,6x ,187x

eadroo 21.0C 1?.6C

2. *et Total debtH>'T9A 2.F" 1.E"



ovenant &evel 3.0?" 2.1?"

?ro$oed Coenan! ;1,6x 8186x eadroo 20.6C 20.EC

In!ere! coer ra!io .#ini#"#0

1. >'T9AHas interest ;.6" F.D"



ovenant &evel 3.6?" ;.E6"

?ro$oed Coenan! ;136x 9137x

eadroo 1D.EC 20.1C

2. (>'T9A-ape")Has interest ;.0" F.2"



ovenant &evel 3.11" ;.01"

?ro$oed Coenan! ;1,6x 9166x eadroo 23.1C 23.1C

Ca( coer .#ini#"#0

#'#H(as interestG9ebt =epayent)O 1.;" 1.3"

Coenan! ,16x ,16xeadroo 2D.1C 2F.EC

OAlso no+n as fi"ed $arges $over

" S!e$ 3 - Calc"la!e !(e IRR and eni!ii!% anal%i

Re!"rn Anal%i * Seni!ii!% exi! %ear exi! #"l!i$le

8ear of >"it 86,9 86,7 86,2>'T9A ;;?.D ;D;.F F1D.2

Total debt 26F.0 2E?.2 2D2.1

losing $as position 11F.? 3EF.2 6;E.6

?roceed !o E"i!%86,9 86,7 86,2

EBITDA Exi! M"l!i$le

716x 2,0DF.3 2,F6D.2 2,DF1.3

216x 2,F;;.2 3,063.E 3,;E0.F

316x 2,DD3.1 3,FF?.1 3,D?D.E


111/158

Ue M

>'T9A (0E) 230.E

%ultiple 216x

>nterprise value 1,3?;.1

#ees (C) 7166 2518

To!al Ue 1,;F3.3

86,;E 86,9E 86,7E 86,2E 86,3E

,2 ,6 3 7 7;; ;9 ;7 ;7 ;7; ; ; ; ;; ; 9 9 9; ; 9 9 9

89 89 89 89 8937 37 37 37 37

A#or!1 x EBITDA A#o"n! Margin In!ere! ra!e

'alloon 2.F" F?1.3 ;187 E.FFC'ullet 0.D" 21?.0

71669166 ?.30C

91;6

86,;E 86,9E 86,7E 86,2E 86,3E

E.FFC E.FFC E.FFC E.FFC E.FFC

1.0" 1.0" 1.0" 1.0" 0.D"

86 87 ;6 6 6361.? 1ED.3 0.0 0.0 0.0

(116.3) (1;F.3) 0.0 0.0 0.0

(66.3) (3;.0) 0.0 0.0 0.0

(2E.3) (13.F) 0.0 0.0 0.0

1ED.3 0.0 0.0 0.0 0.0

F.0C F.0C F.0C F.0C F.0C

?.3C ?.3C ?.3C ?.3C ?.3C

6 6 6 6 ,66

2;0.3 2F2.; 26F.0 2E?.2 2D2.10.0 0.0 0.0 0.0 (306.?)

(12.0) (12.6) (13.2) (13.D) (1;.6)

(1D.D) (20.D) (22.0) (23.1) (2;.2)

2F2.; 26F.0 2E?.2 2D2.1 0.0

1ED.3 0.0 0.0 0.0 0.0

;31.E 26F.0 2E?.2 2D2.1 0.0


112/158

86,;E 86,9E 86,7E 86,2E 86,3E

1,200.3 1,320.3 1,;12.E 1,;?3.; 1,FFE.F

3D6.1 ;;?.D ;D;.F F1D.2 F;F.1

(36.0) (3D.6) (;2.;) (;;.F) (;6.E)

360.1 ;0D.3 ;F2.1 ;E;.E ;D?.;

(2E.3) (13.F) 0.0 0.0 0.0

(12.0) (12.6) (13.2) (13.D) (1;.6)

(1D.D) (20.D) (22.0) (23.1) (2;.2)

(;E.3) (3;.F) (22.0) (23.1) (2;.2)

.751;0 .931,0 .;7180 .;3160 .;4150

! ! ! ! !

300.? 362.2 ;16.? ;3E.E ;FD.6

(E2.2) (?6.D) (100.0) (10F.0) (110.3)

22?.6 2EF.3 316.? 332.6 3;D.3

86,;E 86,9E 86,7E 86,2E 86,3E

3D6.1 ;;?.D ;D;.F F1D.2 F;F.1

(36.0) (3D.6) (F6.F) (FD.3) (62.3)

(E2.2) (?6.D) (100.0) (10F.0) (110.3)

(36.0) (3D.6) (F6.F) (FD.3) (62.3)

87,15 84814 84,19 85717 ;,618

63.6C 63.0C F6.DC F6.DC F6.DC

(;E.3) (3;.F) (22.0) (23.1) (2;.2)

86912 8941; 87519 83819 84216

(116.3) (1;F.3) 0.0 0.0 (306.?)

441; ,6815 87519 83819 .86140

(66.3) (3;.0) 0.0 0.0 0.0

2;.E ;6.? 11F.? 3EF.2 6;E.6

22.1 6D.0 2FD.; 2E2.; (20.?)

;6.? 11F.? 3EF.2 6;E.6 626.?

! ! ! ! !


113/158

86,;E 86,9E 86,7E 86,2E 86,3E

3D6.1 ;;?.D ;D;.F F1D.2 F;F.1

132.F (11F.?) (3EF.2) (6;E.6) (626.?)

3?;.D 1;D.2 (DE.0) (3FF.;) (626.?)

(;E.3) (3;.F) (22.0) (23.1) (2;.2)(36.0) (3D.6) (F6.F) (FD.3) (62.3)

0.3" (0.3") (0.?") (1.2") (1.1")

8817 8817 8716 8716 8716

30E.0 3;E.D 3E0.? 3?D.; ;0?.D

0.;3" (0.33") (1.01") (1.66") (1.F3")

6197x .61;7x0 .,166x0 .,127x0 .,177x0

2F.EC 26.3C 2;.1C 2;.;C 2F.?C

1.0" 0.3" (0.2") (0.E") (1.1")

8817 8817 8716 8716 8716

30E.0 3;E.D 3E0.? 3?D.; ;0?.D

1.2F" 0.;3" (0.26") (0.D1") (1.F3")

,187x 6197x .6187x0 .6156x0 .,177x022.3C 26.1C 21.6C 23.DC 2F.?C

?.;" 13.0" 22.F" 22.F" 22.F"

8817 8817 8716 8716 8716

30E.0 3;E.D 3E0.? 3?D.; ;0?.D

6.;D" 10.0D" 16.?6" 16.?6" 16.?6"

2176x ,61,6x ,2147x ,2147x ,2147x

22.;C 22.;C 2F.1C 2F.1C 2F.1C

E.6" 11.D" 1D.D" 1D.D" 1D.D"

8817 8817 8716 8716 8716

30E.0 3;E.D 3E0.? 3?D.; ;0?.D

F.E3" ?.D;" 1;.2D" 1;.2D" 1;.2D"

7137x 4157x ,91;6x ,91;6x ,91;6x2;.FC 2;.6C 2?.2C 2?.2C 2?.2C

1.F" 1.6" 12.?" 12.?" 0.D"

,16x ,16x ,16x ,16x 615x3F.1C 36.;C D2.2C D2.2C ;.0C

Total eJuity at entry 6F;.0

IRR86,9 86,7 86,2

33.?C 31.FC 2?.FC

;0.;C 36.2C 32.1C

;6.3C ;0.3C 3F.2C


114/158


Balance S(ee! Si#$lifica!ion

Ini!ial for# of !(e Balance (ee! Ada$!a!ion of !(e Balance (ee!

Cloing Balance S(ee! Cloing Balance S(ee!

C"rren! Ae! urrent Assets

as as >Juivalents ,


115/158

S!e$ , * De!er#ine !(e So"rce and Ue of f"nd?ro For#a Ca$i!alia!ion

So"rce of F"nd M x EBITDA U

/enior debt >'

Ter &oan A ;'T) ;917 ;917

/areolder loan 5 ta" dedu$tibility (C) ;16 ;16

as /+eep (C of >"$ess as) 76 76

/ales ro+t (C) 5re $risis ad. ,616 ,616

'ase ase

/tress ase

>'T9A %argin (C /ales) 5re $risis ad. ;16 ;16

'ase ase

/tress ase

ape" (C /ales) 5re $risis ad. .,160 .,160

'ase ase

/tress ase

S!e$ ; - Define !(e de+! !er# and $ricing

De+! S!r"c!"re Ter# ./ear0 A#or!1 x EBITDA A#o"n!

/enior debt

=# #a$ility - EF0.0

ape" #a$ility 'ullet EF0.0Ter &oan A 'alloon K9:H0L 3,E00.0

Ter &oan ' 'ullet K9:H0L 3,E00.0

Ter &oan 4 'ullet K9:H0L 0 0


116/158

Ter# Loan A

'ase =ate , 0.00C 0.00Cnterest rate

#i"ed arges over

Average &ife of te fa$ility Aortisation s$edule (C of total fa$ility)

!pening 'alan$e


as s+eep

nterest e"pense

losing 'alan$e

Ter# Loan B

'ase =ate ,

nterest rate

Aortisation s$edule (C of total fa$ility) 0.0C 0.0C

!pening 'alan$e


as s+eep

nterest e"pense

losing 'alan$e

Ter# Loan C

'ase =ate , 0.00C 0.00C

nterest rate


!pening 'alan$e


as s+eepnterest e"pense

losing 'alan$e


117/158


M 8665A 86,6A 86,,E 86,8E

Reen"e

EBITDA


EBIT

In!ere! Inco#e

nterest e"pense

/enior debt (T&a, T&b, T&$ or /enior /e$ured 'ond)

=# #a$ility

ape" #a$ility

%e@@anine 5

%e@@anine as

/areolder loan 5

Total as interest (/en. debt G =# G ape" G %e@@. $as)

To!al In!ere! .Ca( In!ere! J Me==1 ?I) J S>L ?I)0

Ne! In!ere!

EBT

Taxa+le inco#e

Tax 0.0 0.0

*et in$oe

S!e$ 3 * Calc"la!e !(e ca( flo & ca( +alance

M 8665A 86,6A 86,,E 86,8E

EBITDA

AdustentsI


- Ta"- ape"

G #a$ility funded $ape"


## (C >'T9A) K9:H0L K9:H0L

Total as interest (/en. debt G =# G ape" G %e@@. $as)

nterest n$oe

Ca( flo aaila+le for de+! re$a%#en! .Free Ca( Flo * FCF0

9ebt =epayents

Exce Ca(

as /+eep

!pening as 'alan$e

as n$reaseH(9e$rease)=# 9ra+do+nH=epayent

Cloing Ca( Balance

as balan$e $e$ NO. NO.

S!e$ 4 * Calc"la!e !(e e"en!ial ca( ee$

M 86,6A 86,,E 86,8E

Ter# Loan A

as /+eep available

!utstanding debt before s+eep

>ffe$tive s+eep to Ter &oan A

Ter# Loan B

as /+eep available

!utstanding debt before s+eep>ffe$tive s+eep to Ter &oan '


118/158

To!al ae!

&ong ter debt

=# #a$ility

ape" #a$ility

Ter &oan A

Ter &oan '

Ter &oan

%e@@anine

>Juity

/areolder loan

oon /to$


119/158

S!e$ ,, - Calc"la!e !(e credi! !a!i!ic

M 8665A 86,6A 86,,E 86,8E

>'T9A

*et /enior debt

*et Total debt

*et as interest (=#Gape"G/en.debtG%e@@.as-nt.n$oe)

ape"

5 3ebt 6 2otal 7a+itali8ation #DIV/0! #DIV/0!

1. *et /enior debtH>'T9A


Adusted >'T9A

ovenant &evel



2. *et Total debtH>'T9A


Adusted >'T9A

ovenant &evel



In!ere! coer ra!io .#ini#"#01. >'T9AHas interest


Adusted >'T9A

ovenant &evel


eadroo - -

2. (>'T9A-ape")Has interest


Adusted >'T9A

ovenant &evel


eadroo - -

Ca( coer .#ini#"#0#'#H(as interestG9ebt =epayent)O - -

?ro$oed Coenan! ,166x ,166x

d


120/158

1

2

3

;

8686E

0.0C

0.0C

0.0C

;917

;16

76

,16

;16

.,160


121/158

0.00C

0.0

0.0C

0.0

0.00C

0.0C

0.0


122/158

8686E

0.0

8686E

K9:H0L

NO.

8686E


123/158


124/158

8686E

#DIV/0!

8716

6166x

K9:H0L

8716

6166x

K9:H0L

8716

6166x

-

8716

6166x

-

-

,166x


125/158

S!e$ , * De!er#ine !(e So"rce and Ue of f"nd?ro For#a Ca$i!alia!ion

So"rce of F"nd M x EBITDA U

/enior debt >

Ter &oan A 9Juity (fro anageent) 8616 6176

To!al In!i!"!ional E"i!% 2"$ess as) 76 76

/ales ro+t (C) 5re $risis ad. ,616 ,616

'ase ase ;15 716

/tress ase 816 916

>'T9A %argin (C /ales) 5re $risis ad. ;16 ;16

'ase ase 881; 8817

/tress ase ,716 ,716

ape" (C /ales) 5re $risis ad. .,160 .,160

'ase ase 718 718

/tress ase 816 816

S!e$ ; - Define !(e de+! !er# and $ricing

De+! S!r"c!"re Ter# ./ear0 A#or!1 x EBITDA A#o"n!

/enior debt

=# #a$ility 2 - EF0.0

ape" #a$ility 2 'ullet EF0.0Ter &oan A 2 'alloon 1.?" ;,F00.0

Ter &oan ' 3 'ullet 1.6" ;,000.0


126/158

Ter# Loan A

'ase =ate , 1.0?C 1.16Cnterest rate ;.33C ;.;1C

#i"ed arges over 2.2" 2.1"

Average &ife of te fa$ility 91;6 Aortisation s$edule (C of total fa$ility) 716 ,616

!pening 'alan$e ;,F00.0 3,6D?.D

5rin$ipal repayents (22F.0) (;F0.0)

as s+eep (FE6.1) (6;;.F)

nterest e"pense (1D;.E) (163.0)

losing 'alan$e ;,F00.0 3,6D?.D 2,60;.;

Ter# Loan B

'ase =ate , 1.0?C 1.16C

nterest rate ;.F?C ;.66C


!pening 'alan$e ;,000.0 ;,000.0


as s+eep 0.0 0.0

nterest e"pense (1?3.0) (1?6.3)

losing 'alan$e ;,000.0 ;,000.0 ;,000.0

Ter# Loan C

'ase =ate , 1.0?C 1.16C

nterest rate ;.?3C ;.D1C


!pening 'alan$e ;,000.0 ;,000.0


as s+eep 0.0 0.0 nterest e"pense (1D3.0) (1D6.3)

losing 'alan$e ;,000.0 ;,000.0 ;,000.0


127/158


M 8665A 86,6A 86,,E 86,8E

Reen"e 533912 ,636319 12,1DD.E 1;,033.E

EBITDA ,24,12 899917 3,0?;.2 3,FE;.0

9epre$iation Aortisation *9421; *92;16 (F30.E) (FD3.D)

EBIT 1,1DF.3 1,D?1.F 2,FF3.6 2,D?0.1

In!ere! Inco#e 2.2 E.0

nterest e"pense

/enior debt (T&a, T&b, T&$ or /enior /e$ured 'ond) (FE0.E) (F;F.F)

=# #a$ility (D.?) (D.?)

ape" #a$ility (D.?) (D.?)

%e@@anine 5 (1F0.0) (1FE.F)

%e@@anine as (1F2.3) (162.;)

/areolder loan 5 (32?.3) (36E.E)

Total as interest (/en. debt G =# G ape" G %e@@. $as) (E;2.F) (E2E.F)

To!al In!ere! .Ca( In!ere! J Me==1 ?I) J S>L ?I)0 .,ffe$tive s+eep to Ter &oan A (FE6.1) (6;;.F)

Ter# Loan B

as /+eep available 0.0 0.0

!utstanding debt before s+eep ;,000.0 ;,000.0 >ffe$tive s+eep to Ter &oan ' 0.0 0.0


128/158


129/158

S!e$ ,, - Calc"la!e !(e credi! !a!i!ic

M 8665A 86,6A 86,,E 86,8E

>'T9A 3,0?;.2 3,FE;.0

*et /enior debt 11,122.E D,3?3.?

*et Total debt 1;,2E2.E 12,6D1.3

*et as interest (=#Gape"G/en.debtG%e@@.as-nt.n$oe) (E;0.3) (E20.F)

ape" (F1;.;) (F?D.;)

66.7% 62.5%

1. *et /enior debtH>'T9A 3.6" 2.6"


Adusted >'T9A 2,;6E.; 2,?FD.2

ovenant &evel ;.F1" 3.2?"

?ro$oed Coenan! 9176x ;1;6x

eadroo 1D.DC 20.;C

2. *et Total debtH>'T9A ;.6" 3.6"



ovenant &evel F.E?" ;.;;"


eadroo 20.2C 20.2C

In!ere! coer ra!io .#ini#"#01. >'T9AHas interest ;.2" F.0"



ovenant &evel 3.33" 3.DE"

?ro$oed Coenan! ;1;7x ;157x

eadroo 1D.6C 20.;C

2. (>'T9A-ape")Has interest 3.F" ;.1"



ovenant &evel 2.6;" 3.1F"

?ro$oed Coenan! 8127x ;1,7x

eadroo 23.EC 2;.0C

Ca( coer .#ini#"#0

#'#H(as interestG9ebt =epayent)O 2.2" 2.1"

?ro$oed Coenan! ,166x ,166x


130/158

1

2

3

;

8686E

;.;C

26.1C

2.0C

.41;0

812

;917

;16

76

,16

;19

;16

;16

8;1,

8616

.,160

;16

816


131/158

2.DEC6.22C

-

616

0.0

0.0

0.0

0.0

0.0

2.DEC

6.;EC

0.0C

0.0

0.0

0.0

0.0

0.0

2.DEC

6.E2C

0.0C

0.0

0.0

0.00.0

0.0


132/158

8686E

2;,?0D.3

6,;?0.?

(6;D.6)

F,?31.2

66.1

0.0

0.0

0.0

0.0

0.0

(D10.3)

0.0

.5,61;0

.499180

;,D?E.0

F,?6D.D

(2,02F.1)

2,D61.?

8686E

6,;?0.?

?E.;

(2,02F.1)(;D6.2)

0.0

9


133/158

;,


134/158

8686E

6,;?0.?

(10,F;F.1)

(10,F;F.1)

66.1

(;D6.2)

0.0%

(1.6")

8716

;,?60.6

(2.1E")

.81,7x0

2;.3C

(1.6")

8716

;,?60.6

(2.1E")

.81,7x0

2;.3C

-

8716

;,?60.6

-

*

-

-

8716

;,?60.6

-

*

-

-

, 66x


135/158

Financial Modelling LABModel O"!$"!

?re Crii Ban' and Me== ?ro For#a Ca$i!al S!r"c!"re86,6?F Bae Ca(

M A#o"n! C"#1 xEBITDA xE*C Ra!e Margin

Ter &oan A ;,F00.0 20.2C 1.?" 2.3" 1.0?C 3.2FC

Ter &oan ' ;,000.0 3?.2C 3.F" ;.3" 1.0?C 3.F0C

Ter &oan ;,000.0 F6.2C F.1" 6.3" 1.0?C 3.EFC

To!al Senior De+! ,8'T9A 6.3" ;.6" 3.6" 2.6" 1.D"

1. >'T9AHas interest ;.2" F.0" F.6" 6.2"

Total #i"ed arge over 2.1D" 2.0D" 2.00" 1.D2"

Refinancing Ri' 616 616 616 616

?reio" /ear Ne! To!al Leerage - - - -


136/158

Avg. ost F.63C

86,4E 86,5E 8686E

6 7 (-

88


137/158

?roec! ?ECEC(ar!

C(ar! ,

Sourses of Funds M

/enior debt

Ter &oan A ;,F00.0 0.2021DE20DE

Ter &oan ' ;,000.0 0.1EDE30?F3

Ter &oan ;,000.0 0.1EDE30?F3

/ubordinated debt

%e@@anine 3,000.0 0.13;ED?13D?

>Juity 6,EFF.F 0.303F;2D;;; 22,2FF.F

C(ar! 8

Equity breakdown M

#i"ed =eturn nstruents 2,E3F.F 0.;0;D2D316D

!rdinary /ares - nvestors ;,000.0 0.FD2110132F

!rdinary /ares - %anageent 20.0 0.002D60FF0E 6,EFF.F

+erm "oan A

+erm "oan #

+erm "oan C

Mezzanine

*8uit9

-ources of Funds

2-0

370

-0

Equity breadon

Fixed R

Pre Crisis Bank and Mezz


138/158

C(ar! ;

Breakdown of Proceeds at 9x Multiple and Exit Yr !"#

Total 5ro$eeds ;?,2D3.E

Total 9ebt 3E,DE2.3 10,321.;

/areolder &oan 33,1F1.; ;,?20.D

5ro$eeds to 5> #und 6,630.3 26,F21.1

5ro$eeds to %anageent 0.0 6,630.3

Brea'don of ?roceed

86,9 86,7>'T9A ;,60?.D ;,D20.E

14it Multi+le %.$ %.$

as 2,E1F.0 ;,00E.F

To!al ?roceed 99


139/158

20C of !rds F,6D1.D 6,630.3

?roceed !o Mg#! 7'T9A

al"e fro# Reen"e gro!(

=evenue

*e+ =evenue

=evenue at a$Juisition - */>=T &A/T #4&& 8>A= =>:>*4>/

A$tual >'T9A g

>'T9A g at a$Juisition

n$rease in >'T9Aal"e fro# Reen"e gro!(

TOTAL ALUE FROM REENUE GROT>

>'T9A a$tual

>'T9A g

>'T9A at entry =evenues

9ifferen$e in >'T9A

al"e fro# #argin i#$roe#en!

Re$enue ;ro=th *#I+DA m; "e$era;e Multiple-)-0

(-)-0

/-)-0

1-)-0

2-)-0

3-)-0

4-)-0

5-)-0

6-)-0

7-)-0

(--)-0

24)50

15)60

(3)20

-)


140/158

nitial &everage

*et &everage at e"it

al"e fro# deleeraging

nitial %ultiple

>"it %ultiple

al"e fro# M"l!i$le ex$anion

To!al al"e crea!ed

Re!"rn +rea'don

=evenues

>'T9A g

&everage

%ultiple arbitrage

TOTAL

%%

=evenues>'T9A g

&everage

%ultiple arbitrage

C(ar! 7

%&ortisation Profile 86,6A 86,,E 86,8E

=# #a$ility 0.0 0.0 0.0

ape" #a$ility 0.0 0.0 0.0

Ter &oan A ;,F00.0 3,6D?.D 2,60;.;

Ter &oan ' ;,000.0 ;,000.0 ;,000.0Ter &oan ;,000.0 ;,000.0 ;,000.0

%e@@anine 3,000.0 3,1F0.0 3,30E.F

/-(-A /-((A /-(/A /-(1A /-(2A /-(3A /-(4A /-(5A /-)-

/


141/158

C(ar! 2

'ses of EB()*% 86,,E 86,8E 86,;E

nterest n$oe -2.2 -E.0 -12.3

nterest e"pense E;2.F E2E.F EFE.6

Ta" FE0.; E21.; D6D.3

*et ape" F1;.; F?D.; F23.E*et 4se of =evolver 0.0 0.0 0.0

ange in * -11?.1 -1D6.3 -1DE.;

9ebt =epayents 22F.0 ;F0.0 6EF.0

as /+eep FE6.1 6;;.F E23.?

as FE6.1 1,220.6 1,D;;.F

C(ar! 3

86,,E 86,8E 86,;E

>'T9A %argins 2F.2?C 2F.;EC 26.E0C

/-((* /-(/* /-(1* /-(2* /-(3* /-(4*

:(


142/158

C(ar! 4 86,,E 86,8E 86,;E

## C of >'T9A 6?.66C 6?.?1C 6?.??C

C(ar! 5

+e,erae Credit Statistics 86,,E 86,8E 86,;E

1. *et /enior debtH>'T9A 3.6" 2.6" 1.?"

5roposed ovenant ;.F" 3.3" 2.3"

eadroo 20C 20C 23C

/-((* /-(/* /-(1* /-(2* /-(3* /-(4*(-)--0

(3)--0

/-)--0

/3)--0

1-)--0

13)--0

2-)--0

23)--0

3-)--0

/3)/60 /3)250 /4)5-0 /4)510 /4)-40 /4)-50

E("TD0 Mar5ins

/-((* /-(/* /-(1* /-(2* /-(3* /-(4*3-)--0

33)--0

4-)--0

43)--0

5-)--0

53)--0

46)440 46)6(0 46)660 47)(-0

44)520

46)

FCF 6 of E("TD

1)4x

2)3x

/-0 /-0 /10 /(0 //0() Net Senior debt@*#I+DA roposed Co$enant


143/158

C(ar! ,6

+e,erae Credit Statistics 86,,E 86,8E 86,;E

2. *et Total debtH>'T9A ;.6" 3.6" 2.6"

5roposed ovenant F.?" ;.F" 3.;" eadroo 20C 20C 22C

C(ar! ,,

(nterest Co,er Credit Statistics 86,,E 86,8E 86,;E1. >'T9AHas interest ;.2" F.0" F.6"

5roposed ovenant 3.;" ;.0" ;.;"

eadroo 20C 20C 22C

/-((* /-(/* /-(1* /-(2* /-(3*

/)4x

()6x

()(x

-)3x

1)1x

/)1x

()2x

-)5x

/-((* /-(/* /-(1* /-(2* /-(3*

2)4x

1)4x

/)4x

()7x

()1x

3)6x

2)3x

1)2x

/)3x

()5x

/-0 /-0 //0 /10

/30/) Net +otal debt@*#I+DA roposed Co$enant

/-0 /-0 //0 /10

/30() *#I+DA@Cash interest roposed Co$enant Headroom


144/158

C(ar! ,;

Cas. Co,er Credit Statistics 86,,E 86,8E 86,;E

#'#H(as interestG9ebt =epayent)O 2.2" 2.1" 2.0"

5roposed ovenant 1.0" 1.0" 1.0"

eadroo F;C F2C F0C

C(ar! ,9

Enterprise /alue - 0b Lo >ig(

&'! entry 1E,111.F 22,000.F

*5: 1?,006.; 1D,1;;.F

A5: 21,F?3.E 23,;1F.0ops 21,DD2.? 2F,222.;

/-((* /-(/* /-(1* /-(2* /-(3* /-(4* /-(5*

/)/x /)(x /)-x ()7x

2)3x

1)7x

/)4x

()-x ()-x ()-x ()-x ()-x ()-x ()-x

-)3x -)3x -)3x -)3x -)6x -)5x -)4x

FCF@%Cash InterestDebt Repa9ment' roposed Co$ena

Entreprise alue 7 8(

/-((* /-(/* /-(1* /-(2* /-(3*

2)/x 3)-x 3)4x

4)/x 5)-x

1)2x 2)-x 2)2x 2)6x 3)1x


145/158

C(ar! ,7

Reen"e Gro!( Mar'e! S(are

op1 F.0C 6.?C

op2 3.2C 13.FC

op3 2.DC E.DC

op; E.0C D.1CopF ?.DC 2.3C

op6 E.FC F.0C

opE F.EC ;.6C

op? ;.6C 2.EC

opD 3.FC F.EC

op10 6.1C 11.0C

"#O entr9 N! A!

"#O entr9 N! A!

"#O entr9 N!

A!

-)-0 /)-0 2)-0 4)-0 6)-0-)-0

/)-0

2)-0

4)-0

6)-0

(-)-0

(/)-0

(2)-0

(4)-0

Competition 0


146/158

C(ar! ,2

EB()*% Bride M C"#"la!ie

>ntry >'T9A 2010 2,;;;.F

A ?0.0 2F2;.F

' 32F.0 2?;D.F

;0F.0 32F;.F

9 E?F.0 ;03D.F

> 1D0.0 ;22D.F# 323.0 ;FF2.F

2F?.0 ;?10.F

110.2 ;D20.E

>"it >'T9A 201F ;,D20.E 0.0

*ntr9 *#I+DA

/-(-

A # C D *

/


147/158

+erm "oan

A

+erm "oan

#

+erm "oanC

Mezzanine

turn Instruments


148/158

86,2F,23?.;

%.$

F,363.D

78


149/158

E,6;0.?

3


150/158

1F,F00.0

11,;31.F 10,321.; ?,D06.;

9


151/158

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

-1?.1 -26.2 -36.F -;6.3 -F3.? -F3.; -66.1

E61.? E2F.2 6?0.E FD3.; ;E;.; 30E.D 0.0

1,111.3 1,216.2 1,330.2 1,;6F.1 1,616.? 1,EF2.; 2,02F.1

;F3.F F66.; ;01.? ;2E.6 ;FF.0 ;EF.2 ;D6.20.0 0.0 0.0 0.0 0.0 0.0 0.0

-1;0.E -1;F.? -100.E -10E.2 -11;.1 -?3.6 -?E.;

D00.0 0.0 2F0.0 ??6.1 2,?20.D ;,6F;.0 0.0

EE0.6 1,2D2.; 1,3F6.; 1,1ED.1 0.0 0.0 0.0

2,E1F.0 ;,00E.F F,363.D 6,F;3.0 E,2?1.F 6,;32.2 10,F;F.1

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

26.E3C 26.06C 26.0EC 26.0DC 26.10C 26.11C 26.12C

/-(5* /-(6* /-(7* /-/-*

er Net Capex +ax


152/158

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

6D.10C 66.E;C 6?.?6C 6E.D?C 6E.03C 6F.;;C 62.;;C

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

1.1" 0.F" (0.1") (0.E") (1.2") (1.0") (1.6")

1.;" 0.E" (0.1") (0.D") (1.E") (1.;") (2.2")

21C 22C DC 26C 26C 26C 2;C

/-(5* /-(6* /-(7* /-/-*

/4)-70 /4)(-0 /4)((0 /4)(/0

/-(5* /-(6* /-(7* /-/-*

)64045)760

45)-10

43)220

4/)220

/40 /40 /40 /20 Headroom


153/158

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

1.D" 1.3" 0.E" 0.1" (0.F") (1.0") (1.6")

2.F" 1.E" 0.D" 0.1" -0.E" -1.;" -2.2"23C 2FC 2FC 11C 26C 26C 2;C

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E6.2" E.0" ?.1" 10.2" 1;.1" 2;.;" -

;.?" F.3" 6.1" E.E" 10.6" 1?.3" -

23C 2FC 2FC 2FC 2FC 2FC -

/-(4* /-(5* /-(6* /-(7* /-/-*

%-)(x'

%-)5x'

%()/x' %()-x'

%()4x'

%-)(x'

%-)7x'

%()5x' %()2x'

%/)/x'

70

/-(4* /-(5* /-(6* /-(7* /-/-*

-)5x-)(x

%-)3x'%()-x'

%()4x'

-)7x

-)(x

:-)5x

:()2x

:/)/x

/30

((0

/40 /40 /20 Headroom

/2)2x

/30 /30 /30 /30


154/158

86,9E 86,7E 86,2E 86,3E 86,4E 86,5E 8686E

1.D" ;.F" 3.D" 2.6" 1.2" 0.?" -

1.0" 1.0" 1.0" 1.0" 1.0" 1.0" 1.0"

;?C E?C E;C 61C 1EC -22C -

/-(6* /-(7* /-/-*

()/x

-)6x()-x ()-x ()-x

-)/x

:-)/x

nt Headroom

19 7 22

/-(4* /-(5* /-(6* /-(7* /-/-*

6)(x

(-)/x

(2)(x

4)(x

5)5x

(-)4x

(6)1x


155/158

Comps

Comps

Comps

(-)-0 (/)-0 (2)-0

alysis

Comp(

Comp/

Comp1

Comp2

Comp3

Comp4

Comp5Comp6

Comp7

Comp(-


156/158

F B H *xit *#I+DA

/-(3

1/1)- /36)- ((-)/

2


157/158

CO?/RIG>TS NOTE 86,;

F*T:E E/OD*CT"O, 0,D D"-T"(*T"O, OF T:E-E MODE 0"- /O:"("TED ;"T:O*T F*T:E ;"TTE, /EM"--"O, (+ 0,D

C0-E-< MODE-< %*"DE",E- 0,D 0,+ OT:E M0TE"0- /O"0E /O/ET+ OF 0,DE0- 0,%EO/O*O- ;:O ET0",- -OE

T:E-E C0-E-< F",0,C"0 MODE- ", E=CE 0,D OT:E M0TE"0E%"-TEED -T*DE,T- ", T:"- C0-- 0,D -T"CT+ FO C0---:O*D ,OT (E *-ED FO COMMEC"0 O /OFE--"O,0 *-E<CO/"ED< /E-E,TED O C"C*0TED< 0 O /0T-< ;"T:O*T T0,DE0- 0,%EO/O*O-.


158/158

D M0TE"0- CO,T0",ED :EE",E0- 0,%EO/O*O-.

ED (+ 0,DE0- 0,%EO/O*O-O;,E-:"/ OF T:E-E M0TE"0-.

- 0E 00"0(E O,+ FO T:ED"-C*--"O,. T:E M0TE"0-

190176796 Finance Modeling Lab

Documents

Transcript of 190176796 Finance Modeling Lab