BUILD UP FREE CASH
2010-12-31 (A)
2011-12-31 (A)
2012-12-31 (A)
2013-12-31 (E)
2014-12-31 (E)
2015-12-31 (E)
2016-12-31 (E)
2017-12-31 (E)

Revenue

39,822.445,264.156,032.856,032.856,032.856,032.856,032.856,032.8

Revenue % Chg.

10.7%13.7%23.8%

EBIT

-449.1-588.2-2,769.3-1,376.5-1,376.5-1,376.5-1,376.5-1,376.5

EBIT Margin

-1.1%-1.3%-4.9%

Tax Rate

19.4%

NOPAT

-2,233

NOPAT Margin

-4%

D&A

D&A / Revenue

Capex

-29-15.2-19.9-19.9-19.9-19.9-19.9

Capex / Revenue

-0.1%-0%

Chg. NWC

Chg. NWC / Revenue

Unlevered FCF (UFCF)

-2,233

UFCF % Chg.

PV of UFCF

Sum of PV of UFCF

Cost of Debt
Tax Rate
After Tax Cost of Debt
Risk Free Rate
Market Risk Premium
Beta1
Cost of Equity27%
Total Debt8,337.1
Market Cap29,207,128.9
Total Capital29,215,466
Debt Weighting0%
Equity Weighting100%
WACC
Exit Multiple EV/FCF
Terminal Value
PV of Terminal Value
Cumulative PV of UFCF
Net Debt4,845.9
Equity Value
Shares Outstanding204.1
Implied Share Price
Current Share Price143,077.9
Implied Upside / (Downside)