|
Navigation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Topline Model |
|
|
|
|
|
|
DCF Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected
Fiscal Year Ending |
|
|
|
(USD in 000s, except
otherwise stated) |
|
|
|
|
Mar.15 |
Mar.16 |
Mar.17 |
Mar.18 |
Mar.19 |
|
|
|
EBITDA |
|
USD 000s |
|
|
|
9 074.5 |
256 762.0 |
478 467.3 |
678 709.1 |
860 828.3 |
|
|
|
Unlevered Cash Tax |
|
USD 000s |
|
|
|
(314.9)
|
(45
852.4) |
(86
193.5) |
(122
241.8) |
(154
665.7) |
|
|
|
Net Change in WC / Other |
USD 000s |
|
|
|
(13
798.5) |
(7
286.2) |
(6
743.0) |
(6
306.3) |
(5
962.3) |
|
|
|
CAPEX |
|
USD 000s |
|
|
|
(200
000.0) |
(200
000.0) |
(200
000.0) |
(200
000.0) |
(200
000.0) |
|
|
|
Extraordinary Cash Items |
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
|
Unlevered Free Cash Flow |
USD 000s |
|
|
|
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
500 200.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Date |
|
01 Apr 14 |
|
|
|
|
|
Net Debt as of |
31 Mar 14 |
USD 000s |
- |
|
Balance Sheet Date |
|
31 Mar 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested Capital[1] |
|
USD 000s |
- |
|
Invesment Date[2] |
|
31 Mar 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(USD in 000s, except
otherwise stated) |
Terminal
EBITDA Multiple Range |
|
|
Terminal EBITDA Multiple Range |
|
|
|
|
6.5x |
7.0x |
7.5x |
|
|
6.5x |
7.0x |
7.5x |
|
|
|
TV |
5 595 384.1
|
6 025 798.3
|
6 456 212.4
|
|
|
5 595 384.1
|
6 025 798.3
|
6 456 212.4
|
|
|
|
|
|
|
|
|
|
|
|
WACC |
Firm Value as of |
|
01 Apr 14 |
|
WACC |
Equity Value as of |
01 Apr 14 |
|
|
|
12.0% |
3 659 922.7
|
3 904 151.2
|
4 148 379.8
|
|
12.0% |
3 659 922.7
|
3 904 151.2
|
4 148 379.8
|
|
|
|
12.5% |
3 579 251.0
|
3 818 100.3
|
4 056 949.6
|
|
12.5% |
3 579 251.0
|
3 818 100.3
|
4 056 949.6
|
|
|
|
13.0% |
3 500 656.9
|
3 734 268.5
|
3 967 880.0
|
|
13.0% |
3 500 656.9
|
3 734 268.5
|
3 967 880.0
|
|
|
|
|
|
|
|
|
|
|
|
WACC |
Implied Perpetuity
Growth Rate |
|
|
Inv.Capital |
IRR on |
Invested capital |
[3] |
|
|
|
12.0% |
2.8% |
3.4% |
3.9% |
|
0 |
151.4% |
154.9% |
158.4% |
|
|
|
12.5% |
3.3% |
3.9% |
4.4% |
|
0 |
151.4% |
154.9% |
158.4% |
|
|
|
13.0% |
3.7% |
4.3% |
4.9% |
|
0 |
151.4% |
154.9% |
158.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unlevered Tax Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected
Fiscal Year Ending |
|
|
(USD in 000s, except
otherwise stated) |
|
|
|
|
Mar.15 |
Mar.16 |
Mar.17 |
Mar.18 |
Mar.19 |
|
|
Taxable Income
Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
USD 000s |
|
|
|
1 574.5 |
229 262.0 |
430 967.3 |
611 209.1 |
773 328.3 |
|
|
Manual Tax Adjustments 1 |
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
Manual Tax Adjustments 2 |
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
Total Taxable Income |
USD 000s |
|
|
|
1 574.5 |
229 262.0 |
430 967.3 |
611 209.1 |
773 328.3 |
|
|
Income Tax Rate |
|
USD 000s |
|
|
|
20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
|
|
Income Taxes - Actual
Cash Payments |
USD 000s |
|
|
|
(314.9)
|
(45
852.4) |
(86
193.5) |
(122
241.8) |
(154
665.7) |
|
|
|
Statutory Charge for the
Period |
USD 000s |
|
|
|
(314.9)
|
(45
852.4) |
(86
193.5) |
(122
241.8) |
(154
665.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Carry Forward
Calculation |
USD 000s |
|
|
|
|
|
|
|
|
Accumulated Tax Shield -
BoP |
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
|
Tax Shield Created |
|
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
|
Tax Shield Used |
|
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
|
Accumulated Tax Shield -
EoP |
USD 000s |
|
|
|
- |
- |
- |
- |
- |
|
|
|
|
Discount Factor |
|
|
For TV |
|
|
WACC |
12.0% |
|
|
|
|
94.5% |
84.4% |
75.3% |
67.3% |
60.1% |
56.7% |
|
|
WACC |
12.5% |
|
94.3% |
83.8% |
74.5% |
66.2% |
58.9% |
55.5% |
|
|
WACC |
13.0% |
|
94.1% |
83.2% |
73.7% |
65.2% |
57.7% |
54.3% |
|
|
Discount Factor @ Mid
Year Conventiion |
|
|
|
0.5 |
1.5 |
2.5 |
3.5 |
4.5 |
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRR Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
Projected
Fiscal Year Ending |
|
|
|
(USD in 000s, except
otherwise stated) |
|
|
|
Mar.14 |
Mar.15 |
Mar.16 |
Mar.17 |
Mar.18 |
Mar.19 |
|
|
|
Unlevered Cash Flows for
IRR |
|
|
|
|
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
500 200.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Exit Multiple |
|
|
IRR |
Invested Capital |
Full IRR
Cash Flows with TV |
|
|
6.5x |
|
|
|
151.4% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 095 584.5
|
|
|
7.0x |
|
|
154.9% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 525 998.6
|
|
|
7.5x |
|
|
|
158.4% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 956 412.8
|
|
|
6.5x
|
|
|
|
151.4% |
- |
(205 038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 095 584.5 |
|
|
7.0x |
|
|
154.9% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 525 998.6
|
|
|
7.5x |
|
|
|
158.4% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 956 412.8
|
|
|
6.5x
|
|
|
|
151.4% |
- |
(205 038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 095 584.5 |
|
|
7.0x |
|
|
154.9% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 525 998.6
|
|
|
7.5x |
|
|
|
158.4% |
- |
(205
038.9) |
3 623.4 |
185 530.8 |
350 161.0 |
6 956 412.8
|
|
|
|
|
|
>> End of Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|