what is the maximum price that Neuqun should pay to equity shareholders for Artforever.com? 16 17 18
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16 17 18 Sales Revenue 19 Cost of Goods Sold (includes dep.) 2018 $1,000,000.00 2019 $1,250,000.00 2020 $1,875,000.00 420,000.00 525,000.00 787,500.00 2021 $2,100,000.00 882,000.00 2022 $3,750,000.00 1,575,000.00 20 Selling, General, & Admin Expense 150,000.00 187,500.00 281,250.00 315,000.00 562,500.00 21 Earnings Before Interest and Taxes (EBIT) $430,000.00 $537,500.00 $806,250.00 $903,000.00 $1,612,500.00 22 Interest Expense 94,400.00 101,400.00 108,600.00 115,900.00 23 Operating Income $335,600.00 $436,100.00 $697,650.00 $787,100.00 24 Taxes 134,240.00 25 Net Income $201,360.00 174,440.00 $261,660.00 279,060.00 $418,590.00 314,840.00 $472,260.00 26 Add: Depreciation 15,000.00 30,000.00 27 Less: Investment in CapEx and NWC 25,000.00 28 Free Cash Flows $191,360.00 55,000.00 $236,660.00 50,000.00 170,000.00 $298,590.00 72,000.00 122,400.00 $1,490,100.00 596,040.00 $894,060.00 80,000.00 80,000.00 80,000.00 $464,260.00 $894,060.00 29 Net CF Year 6 $911,941.20 30 WACC Growth 7.70% 81 Terminal Value $11,850,317.72 82 Adjusted FCF with Terminal Value $191,360.00 $236,660.00 $298,590.00 $464,260.00 $12,744,377.72 83 Value of the Firm $8,941,658.50 16 17 18 Sales Revenue 19 Cost of Goods Sold (includes dep.) 2018 $1,000,000.00 2019 $1,250,000.00 2020 $1,875,000.00 420,000.00 525,000.00 787,500.00 2021 $2,100,000.00 882,000.00 2022 $3,750,000.00 1,575,000.00 20 Selling, General, & Admin Expense 150,000.00 187,500.00 281,250.00 315,000.00 562,500.00 21 Earnings Before Interest and Taxes (EBIT) $430,000.00 $537,500.00 $806,250.00 $903,000.00 $1,612,500.00 22 Interest Expense 94,400.00 101,400.00 108,600.00 115,900.00 23 Operating Income $335,600.00 $436,100.00 $697,650.00 $787,100.00 24 Taxes 134,240.00 25 Net Income $201,360.00 174,440.00 $261,660.00 279,060.00 $418,590.00 314,840.00 $472,260.00 26 Add: Depreciation 15,000.00 30,000.00 27 Less: Investment in CapEx and NWC 25,000.00 28 Free Cash Flows $191,360.00 55,000.00 $236,660.00 50,000.00 170,000.00 $298,590.00 72,000.00 122,400.00 $1,490,100.00 596,040.00 $894,060.00 80,000.00 80,000.00 80,000.00 $464,260.00 $894,060.00 29 Net CF Year 6 $911,941.20 30 WACC Growth 7.70% 81 Terminal Value $11,850,317.72 82 Adjusted FCF with Terminal Value $191,360.00 $236,660.00 $298,590.00 $464,260.00 $12,744,377.72 83 Value of the Firm $8,941,658.50
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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