ATLANTIC CORPORATION CASE

1984
EBITDA (+)
Amortization (-)
Other Financial Costs (-)
EBIT (=)
Taxes (year 83 23,6%)
Net Profit
Amortization (+)
Interests ( 1-T ) (+)
New Investments (-)
Change WC (+/-)

1985

1986

1987

1988

1989

35.9
10.9
144.63
-119.63
-28.23
-91.40
10.9
110.50
19.2
-3.4

73.6
16.9
144.63
-87.93
-20.75
-67.18
16.9
110.50
30.5
-0.8

100.2
25
144.63
-69.43
-16.39
-53.04
25
110.50
41.7
-1.2

98.9
29.2
144.63
-74.93
-17.68
-57.25
29.2
110.50
10.2
1.3

100.9
31.3
144.63
-75.03
-17.71
-57.32
31.3
110.50
10.2
0

100.9
21.2
144.63
-64.93
-15.32
-49.61
21.2
110.50
8.2
4.1

Free Cash Flow

Residual Value

7.4

28.9

39.6

73.6

74.3

78.0

Sum

7.4

28.9

39.6

73.6

74.3

78.0

NPV
WACC
Price / Share ($)
N Shares (Exibit 5)

18.31
35.7

1984
Previous Amort. (5 years)
New Investment
Amort. of New Investment
Total Amort.
New Amort. % (5 years)

8
19.2
2.9
10.9
15.10%

1984
Fix WC (Exibit 4, constant)
WC New Investments (Exibit 4)
Total WC

49
3.4
52.4

1985

1986

1987

1988

1989

8
30.5
8.9
16.9
17.91%

8
41.7
17
25
18.60%

8
10.2
21.2
29.2
20.87%

8
10.2
23.3
31.3
20.84%

0
8.2
21.2
21.2
21.03%

1985

1986

1987

1988

1989

49
4.2
53.2

49
5.4
54.4

49
4.1
53.1

49
4.1
53.1

49
0
49

Change WC

Working Capital 83

-3.4

-0.8

-1.2

49

(Exibit 5)
Exibit 5

70% aprox.

E
D
Kd
Ke
Rf

MP
T

1531
1085
0.135
0.2108
0.124
1
0.0868
0.236

1.3

4.1

ATION CASE

1990

1991

1992

100.9
16.3
144.63
-60.03
-14.17
-45.86
16.3
110.50
6.2
0

100.9
9.1
144.63
-52.83
-12.47
-40.36
9.1
110.50
6.2
0

100.9
8.2
144.63
-51.93
-12.26
-39.67
8.2
110.50
6.2
0

1993
100.9
7.2
144.63
-50.93
-12.02
-38.91
7.2
110.50
6.2
0

74.7

73.0

72.8

72.6
1326.2

74.7

73.0

72.8

1398.8

653.6
16.61%
3.6

1990

1992

1993

0
0
6.2
6.2
16.3
9.1
16.3
9.1
21.31% 22.20%

0
6.2
8.2
8.2
22.16%

0
6.2
7.2
7.2
21.82%

1990

1992

1993

49
0
49

1991

1991
49
0
49

49
0
49

49
0
49