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Manufacturing Model
DCF Analysis                              
            Projected Fiscal Year Ending
(GBP in 000s, except otherwise stated)         Jun.15 Jun.16 Jun.17 Jun.18 Jun.19 Jun.20 Jun.21 Jun.22 Jun.23 Jun.24
EBITDA GBP 000s (38 734.6) (41 014.5) (43 483.8) (46 070.7) (48 810.1) (51 681.2) (54 783.6) (58 037.3) (61 483.0) (15 907.5)
Unlevered Cash Tax GBP 000s - - - - - - - - - -
Net Change in WC / Other GBP 000s 11 586.1 327.8 347.0 367.3 388.8 411.6 435.8 461.3 488.4 110.5
CAPEX GBP 000s - - - - - - - - - -
Extraordinary Cash Items GBP 000s - - - - - - - - - -
Unlevered Free Cash Flow GBP 000s (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (15 797.1)
                   
Investments as of 30 Jun 14 GBP 000s 1 000.0 Valuation Date 01 Jul 14  
Net Debt as of 30 Jun 14 GBP 000s (42 150.0) Balance Sheet Date 30 Jun 14  
   
Invested Capital[1] GBP 000s (116 150.0) Invesment Date[2] 30 Jun 14  
                   
(GBP in 000s, except otherwise stated) Terminal EBITDA Multiple Range     Terminal EBITDA Multiple Range
  8.5x 9.0x 9.5x 8.5x 9.0x 9.5x
  TV (135 214.1) (143 167.9) (151 121.6) (135 214.1) (143 167.9) (151 121.6)
   
  WACC Firm Value as of 01 Jul 14 WACC Equity Value as of 01 Jul 14
  12.0% (302 601.1) (305 162.0) (307 722.9) 12.0% (343 763.9) (346 324.8) (348 885.7)
  12.5% (295 702.2) (298 151.5) (300 600.9) 12.5% (336 865.5) (339 314.8) (341 764.2)
  13.0% (289 044.8) (291 387.9) (293 731.0) 13.0% (330 208.6) (332 551.6) (334 894.7)
   
  WACC Implied Perpetuity Growth Rate Inv.Capital IRR on Invested capital  [3]
  12.0% 0.3% 0.9% 1.4% (104 535) N/A N/A N/A
  12.5% 0.7% 1.3% 1.9% (116 150) N/A N/A N/A
  13.0% 1.2% 1.8% 2.3% (127 765) N/A N/A N/A
                   
Unlevered Tax Schedule
            Projected Fiscal Year Ending
(GBP in 000s, except otherwise stated)         Jun.15 Jun.16 Jun.17 Jun.18 Jun.19 Jun.20 Jun.21 Jun.22 Jun.23 Jun.24
Taxable Income Calculation                            
EBIT GBP 000s (54 734.6) (57 014.5) (59 483.8) (62 070.7) (64 810.1) (67 681.2) (70 783.6) (66 037.3) (61 483.0) (15 907.5)
Manual Tax Adjustments 1 GBP 000s - - - - - - - - - -
Manual Tax Adjustments 2 GBP 000s - - - - - - - - - -
Total Taxable Income GBP 000s (54 734.6) (57 014.5) (59 483.8) (62 070.7) (64 810.1) (67 681.2) (70 783.6) (66 037.3) (61 483.0) (15 907.5)
Income Tax Rate GBP 000s 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Income Taxes - Actual Cash Payments GBP 000s - - - - - - - - - -
Total Tax for Income Statement GBP 000s 10 946.9 11 402.9 11 896.8 12 414.1 12 962.0 13 536.2 14 156.7 13 207.5 12 296.6 3 181.5
Loss Carry Forward Calculation GBP 000s
Accumulated Tax Shield - BoP GBP 000s 200.0 11 146.9 22 549.8 34 446.6 46 860.7 59 822.7 73 359.0 87 515.7 100 723.2 113 019.8
Tax Shield Created GBP 000s 10 946.9 11 402.9 11 896.8 12 414.1 12 962.0 13 536.2 14 156.7 13 207.5 12 296.6 3 181.5
Tax Shield Used GBP 000s - - - - - - - - - -
Accumulated Tax Shield - EoP GBP 000s       11 146.9 22 549.8 34 446.6 46 860.7 59 822.7 73 359.0 87 515.7 100 723.2 113 019.8 116 201.3
Discount Factor For TV
WACC 12.0%         94.5% 84.4% 75.3% 67.3% 60.1% 53.6% 47.9% 42.7% 38.2% 34.1% 32.2%
WACC 12.5% 94.3% 83.8% 74.5% 66.2% 58.9% 52.3% 46.5% 41.3% 36.7% 32.7% 30.8%
WACC 13.0% 94.1% 83.2% 73.7% 65.2% 57.7% 51.1% 45.2% 40.0% 35.4% 31.3% 29.5%
Discount Factor @ Mid Year Conventiion       0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.0
IRR Calculation
          Projected Fiscal Year Ending
(GBP in 000s, except otherwise stated)       Jun.14 Jun.15 Jun.16 Jun.17 Jun.18 Jun.19 Jun.20 Jun.21 Jun.22 Jun.23 Jun.24
Unlevered Cash Flows for IRR     (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (15 797.1)
         
Exit Multiple IRR Invested Capital Full IRR Cash Flows with TV
8.5x       #! (104 535.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (151 011.1)
9.0x #! (104 535.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (158 964.9)
9.5x       #! (104 535.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (166 918.7)
8.5x       #! (116 150.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (151 011.1)
9.0x #! (116 150.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (158 964.9)
9.5x       #! (116 150.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (166 918.7)
8.5x       #! (127 765.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (151 011.1)
9.0x #! (127 765.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (158 964.9)
9.5x       #! (127 765.0) (27 148.5) (40 686.7) (43 136.9) (45 703.4) (48 421.3) (51 269.6) (54 347.9) (57 576.0) (60 994.6) (166 918.7)
>> End of Sheet                              

[1]
FinRobot:
Default assumptions, more in manual
[2]
FinRobot:
Default assumptions, more in manual
[3]
FinRobot:
Warning please make sure Analysis ToolPack is installed in Excell Add-ins for XIRR function to work correctly.