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M&A in Wine Country Starshine Base Case Valuation: Expanded Operating Forecasts 2010 2011 2012 2013 2014 2015 2016 2017 Pro forma assumptions O US Sales 250 255 265 276 287 298 310 322 4.0% annual growth International Sales 225 240 260 281 303 328 354 382 8.0% annual growth 2 Net Sales 475 495 525 556 590 626 664 705 13 Cost of Goods Sold 200 205 230 244 258 274 291 309 43.8% of sales Depreciation 40 55 46 20.0% of beginning net PP&E 15 Marketing Expense 52 53 53 56 59 63 66 70 10.0% of sales 16 Other SG&A 148 152 152 161 171 181 193 204 29.0% of sales EBIT 35 30 44 18 19 Supplementary Schedules 20 Net Working Capital working cash 40 30 21 4.0% of sales 175 179 181 126 days sales outstanding 23 Inventory 250 262 271 430 days of COGS Other CA 33 34 34 6.5% of sales 25 AVP 83 85 86 136 days of COGS 26 Net working capital 415 419 422 27 A NWC 28 29 Other assets 24 24 24 4.7% of sales A Other assets 31 32 Beginning net PP& E 307 277 232 83 Capital Expenditures 10 10 10 given 34 Depreciation 40 55 46 20% of beginning net PP& E 35 Ending Net PP&E 277 232 195 3638 Free Cash Flow Calculation Pro Forma => 39 2013 2014 2015 2016 2017 WACC Calculation 40 EBIT Asset beta 0.82 4.86% 41 EBIT(1-t) tax rate = 40% Risk-free rate 5,00% 42 Depreciation Market Risk Premium 6.00% 43 Capital expenditures Cost of debt 44 ANWC Target D/V 27% 45 4 Other assets Implied debt beta 46 Free cash flow 47 Terminal value Perp. g= 3% growing perpetuity 48 Re-levered equity beta Cost of equity 49 Discount factor WACC 50 PV(FCF + TV) 51 PV Enterprise 52 Less EOY 2008 Debt 235 53 Estimated Equity Value 54 number of shares (000,000s) 8.0 55 56 Value per share