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WORKSHEET 1: ASSUMPTIONS
2%
Annual Growth Rate of sales
40%
Income tax rate
45%
Net Working Capital/ Sales ratio
35%
PP&E / Sales
Discount rate
2002
Actual 2003 2004 2005 2006 2007
Sales 55.3
SG&A 12.3
Depreciation 2.1
Other
EBIT 3.0
Taxes 1.2
EBIAT 1.8
Depreciation 2.1
WORKSHEET 3: VALUATION ASSUMING NET WORKING CAPITAL IN LINE WITH BEST AMONG COMPARABLE
COMPANIES + OTHER IMPROVEMENTS CONSIDERED IN BASE CASE
2002
Actual 2003 2004 2005 2006 2007
Sales 55.3
SG&A 12.3
Depreciation 2.1
Other
EBIT 3.0
Taxes 1.2
EBIAT 1.8
Depreciation 2.1