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Navigation |
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Manufacturing Model |
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DCF Analysis |
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Projected
Fiscal Year Ending |
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(GBP in 000s, except
otherwise stated) |
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Jun.15 |
Jun.16 |
Jun.17 |
Jun.18 |
Jun.19 |
Jun.20 |
Jun.21 |
Jun.22 |
Jun.23 |
Jun.24 |
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EBITDA |
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GBP 000s |
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(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) |
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Unlevered Cash Tax |
|
GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Net Change in WC / Other |
GBP 000s |
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11 586.1 |
327.8 |
347.0 |
367.3 |
388.8 |
411.6 |
435.8 |
461.3 |
488.4 |
110.5 |
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CAPEX |
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GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Extraordinary Cash Items |
GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Unlevered Free Cash Flow |
GBP 000s |
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(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) |
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Investments as of |
30 Jun 14 |
GBP 000s |
1 000.0 |
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Valuation Date |
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01 Jul 14 |
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Net Debt as of |
30 Jun 14 |
GBP 000s |
(42
150.0) |
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Balance Sheet Date |
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30 Jun 14 |
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Invested Capital[1] |
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GBP 000s |
(116
150.0) |
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Invesment Date[2] |
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30 Jun 14 |
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(GBP in 000s, except
otherwise stated) |
Terminal
EBITDA Multiple Range |
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Terminal EBITDA Multiple Range |
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8.5x |
9.0x |
9.5x |
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8.5x |
9.0x |
9.5x |
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TV |
(135
214.1) |
(143
167.9) |
(151
121.6) |
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(135
214.1) |
(143
167.9) |
(151
121.6) |
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WACC |
Firm Value as of |
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01 Jul 14 |
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WACC |
Equity Value as of |
01 Jul 14 |
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12.0% |
(302
601.1) |
(305
162.0) |
(307
722.9) |
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12.0% |
(343
763.9) |
(346
324.8) |
(348
885.7) |
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12.5% |
(295
702.2) |
(298
151.5) |
(300
600.9) |
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12.5% |
(336
865.5) |
(339
314.8) |
(341
764.2) |
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13.0% |
(289
044.8) |
(291
387.9) |
(293
731.0) |
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13.0% |
(330
208.6) |
(332
551.6) |
(334
894.7) |
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WACC |
Implied Perpetuity
Growth Rate |
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Inv.Capital |
IRR on |
Invested capital |
[3] |
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12.0% |
0.3% |
0.9% |
1.4% |
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(104 535) |
N/A |
N/A |
N/A |
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12.5% |
0.7% |
1.3% |
1.9% |
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(116 150) |
N/A |
N/A |
N/A |
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13.0% |
1.2% |
1.8% |
2.3% |
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(127 765) |
N/A |
N/A |
N/A |
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Unlevered Tax Schedule |
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Projected
Fiscal Year Ending |
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(GBP in 000s, except
otherwise stated) |
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Jun.15 |
Jun.16 |
Jun.17 |
Jun.18 |
Jun.19 |
Jun.20 |
Jun.21 |
Jun.22 |
Jun.23 |
Jun.24 |
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Taxable Income
Calculation |
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EBIT |
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GBP 000s |
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(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) |
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Manual Tax Adjustments 1 |
GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Manual Tax Adjustments 2 |
GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Total Taxable Income |
GBP 000s |
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(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) |
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Income Tax Rate |
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GBP 000s |
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20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
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Income Taxes - Actual
Cash Payments |
GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Total Tax for Income
Statement |
GBP 000s |
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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 |
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Loss Carry Forward
Calculation |
GBP 000s |
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Accumulated Tax Shield -
BoP |
GBP 000s |
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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 |
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Tax Shield Created |
|
GBP 000s |
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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 |
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Tax Shield Used |
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GBP 000s |
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- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Accumulated Tax Shield -
EoP |
GBP 000s |
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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 |
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Discount Factor |
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For TV |
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WACC |
12.0% |
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94.5% |
84.4% |
75.3% |
67.3% |
60.1% |
53.6% |
47.9% |
42.7% |
38.2% |
34.1% |
32.2% |
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WACC |
12.5% |
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94.3% |
83.8% |
74.5% |
66.2% |
58.9% |
52.3% |
46.5% |
41.3% |
36.7% |
32.7% |
30.8% |
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WACC |
13.0% |
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94.1% |
83.2% |
73.7% |
65.2% |
57.7% |
51.1% |
45.2% |
40.0% |
35.4% |
31.3% |
29.5% |
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Discount Factor @ Mid
Year Conventiion |
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0.5 |
1.5 |
2.5 |
3.5 |
4.5 |
5.5 |
6.5 |
7.5 |
8.5 |
9.5 |
10.0 |
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IRR Calculation |
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Projected
Fiscal Year Ending |
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(GBP in 000s, except
otherwise stated) |
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Jun.14 |
Jun.15 |
Jun.16 |
Jun.17 |
Jun.18 |
Jun.19 |
Jun.20 |
Jun.21 |
Jun.22 |
Jun.23 |
Jun.24 |
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Unlevered Cash Flows for
IRR |
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(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) |
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Exit Multiple |
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IRR |
Invested Capital |
Full IRR
Cash Flows with TV |
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8.5x |
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#×ÈÑËÎ! |
(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) |
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9.0x |
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#×ÈÑËÎ! |
(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) |
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9.5x |
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#×ÈÑËÎ! |
(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) |
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8.5x
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#×ÈÑËÎ! |
(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) |
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9.0x |
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#×ÈÑËÎ! |
(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) |
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9.5x |
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#×ÈÑËÎ! |
(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) |
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8.5x
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#×ÈÑËÎ! |
(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) |
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9.0x |
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#×ÈÑËÎ! |
(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) |
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9.5x |
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#×ÈÑËÎ! |
(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) |
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>> End of Sheet |
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