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-9- Exhibit 5

UVA-F-1573

Exhibit 1

FLINDER VALVES AND CONTROLS INC.


Consolidated Balance Sheet as of December 31, 2007 for Flinder Valves and Controls
(dollars in thousands)
Ass ets
$1,884
Cash
9,328
U.S. Treasury tax notes and other Treasury
868
Due from U.S. government
2,316
Accounts receivable net
6,888
Inventories, at lower of cost or market
116
Other current assets
$21,400
Total current assets
1,768
Investments
92
Land
6,240
Buildings
18,904
Equipment
7,056
Less: allowance for depreciation
18,180
Total plant, property, and
88
Construction in process
18,268
Total plant, property, and
156
Patents
376
Cash value of life insurance
156
Deferred assets
42,121
Total assets
Liabilities and Stockholders' Equity
Accounts payable
Wages and salaries accrued
Employees' pension cost accrued
Tax accrued
Dividends payable
Provision for federal income tax
Total current liabilities
Deferred federal income tax
Common stock at par (shares authorized and
2,440,000 shares)
Capital surplus
Earned surplus
Total equity
Total liabilities and stockholders' equity

2,016
504
208
72
560
1,200
4,560
800
1,220
7,180
28,364
36,764
42,124

* Equivalent land in the area had a market value of $320,000, and the building had an estimated market worth of
$16,800,000. Equipment had a replacement cost of approximately $24,000,000 but a market value of about $16,000,000
in an orderly liquidation.

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

-9- Exhibit 5

UVA-F-1573

Exhibit 2

Summary of Consolidated Earnings and Dividends for Flinder Valves and Control
(dollars in thousands)
(Unaudited)
2003

2004

2005

2006

Sales

36312

34984

35252

45116

49364

2007
11728

2008
14162

COGS

25924

24200

24300

31580

37044

8730

10190

Gross Profit

10388

10784

10952

13536

12320

2998

3972

2020

2100

2252

2628

2936

668

896

92

572

108

72

228

14

198

Income before Taxes

8460

9256

8808

10980

9612

2344

3274

Taxes
Net Income

3276
5184

3981
5275

3620
5188

4721
6259

4037
5575

2344
1009

1391
1883

Cash dividends

1680

2008

2016

2304

2304

576

753

784

924

1088

1280

1508

364

394

Capital expenditures

1486

1826

2011

2213

2433

580

640

Working capital needs

1899

3492

-1200

4289

4757

1130

1365

SGA
Other Income-net

Depreciation

2007 Three months ended 3/30

Common Size
Sales

100

100

100

100

100

100

100

Cost of goods sold

71.4

69.2

68.9

70

75

74.4

72

Gross profit

28.6

30.8

31.1

30

25

25.6

28

5.6

6.4

5.8

5.9

5.7

6.3

administrative
Other income-net

0.3

1.6

0.3

0.2

0.5

0.1

1.4

Income before federal taxes

23.3

26.5

25

24.3

19.5

20

23.1

Net income

14.3

15.1

14.7

13.9

11.3

11.4

13.3

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

-9- Exhibit 5

UVA-F-1573

Exhibit 3

FLINDER VALVES AND CONTROLS INC.

Consolidated Balance Sheet for RSE International as of December 31, 2007


(dollar figures in thousands)
Assets
Cash
U.S. government securities, at cost
Trade accounts receivable
Inventories, at lower of cost or market
Prepaid taxes and insurance
Total current assets
Investment in wholly-owned Canadian subsidiary
Investment in supplier corporation
Cash value of life insurance
Miscellaneous assets
Property, plant, and equipment, at cost:
Buildings, machinery, equipment
Less: allowances for depreciation and amortization
Property, plant, and equipment-net
Land
Property, plant, equipment, and land-net
Patents, at cost, less amortization
Total assets

$46,480
117,260
241,760
179,601
2,120
587,221
158,080
104,000
3,920
2,160
671,402
260,001
411,402
22,082

Liabilities and Stockholders' Equity


Notes payable to bank(1)
Accounts payable and accrued expenses
Payrolls and other compensation
Taxes other than taxes on income
Provision for federal taxes on income refund, estimated
Current maturities of long-term debt
Total current liabilities
Note payable to banks
Deferred federal income taxes
2 % cumulative convertible preferred stock, $20 par,
1,389,160 shares outstanding2
Common stock, $2 par; 96,000,000 shares authorized;
62,694,361 shares issued
Capital smplu s3
Retained earnings
Total equity
Total liabilities and stockholders' equity

433,484
1,120
$1,289,985

$5,795
90,512
38,399
3,052
32,662
30,900
201,320
119,100
29,668
27,783
125,389
21,904
764,821
939,897
$1,289,985

$150,000,000 note, payable semiannually beginning June 30, 2008; $30,900,000 due within one year, shown in current
liabilities. One covenant required the company not to pay cash dividends, except on preferred stock, or to make other
distribution on its shares or acquire any stock, after December 31, 1999, in excess of net earnings after that date.
2
Issued in January 2007; convertible at rate of 1.24 common share to one preferred share; redeemable beginning in 2012;
sinking fund beginning in 2016.
3
Resulting principally from the excess of par value of 827,800 shares of preferred stock over the pay value of common
share issues in conversion in 2007.
1

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

-9- Exhibit 5

UVA-F-1573

Exhibit 4

Summary of Consolidated Earnings and Dividends for RSE International


(dollars in thousands)
2003
$1,623,963
1,271,563
352,400
58,463

2004
$1,477,402
1,180,444
296,958
69,438

2005
$1,498,645
1,140,469
358,176
74,932

2006
$1,980,801
1,642,084
338,717
87,155

2007
$2,187,208
1,793,511
393,697
120,296

Earnings before federal income taxes

293,937

227,520

283,244

251,562

273,401

Tax expense
Net earnings

126,393
167,544

95,558
131,962

116,130
167,114

101,882
149,679

109,360
164,041

19,160
85,754

20,000
77,052

21,480
53,116

24,200
77,340

26,800
92,238

Net sales
Cost of products sold
Gross profit
Selling, general, and administrative

Depreciation
Cash dividends declared

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

-9- Exhibit 5

UVA-F-1573

Exhibit 5

FLINDER VALVES AND CONTROLS INC.


Forecast Financial Statements for RSE International for the Years Ended
December 31, 2007-12
(dollars in thousands except per-share figures)

Sales
Cost of goods sold
Gross profit
Selling, general, and admin.
Income before tax
Tax expense
Net income
Cash dividends
Depreciation
Net PPE
Net working capital
Earnings per share1
Divs. per share common
s
stockper
Div.
share preferred
2

stock

Actual
2007
$2,187,208
1,793,510
393,698
120,296
273,402
109,361
164,041

Projected
2008
2009
2010
2011
2012
$2,329,373 $2,480,785 $2,642,037 $2,813,769 $2,996,658
1,920,085 2,064,243 2,216,470 2,367,290 2,537,259
409,288
416,542
425,567
446,479
459,399
129,786
139,481
151,027
161,315
169,826
279,502
277,061
274,540
285,164
289,573
111,801
110,824
109,816
114,066
115,829
167,701
166,237
164,724
171,098
173,744

92,238

102,082

108,714

115,779

125,185

133,313

26,800
389,321
422,597

27,950
426,522
447,956

29,770
459,404
486,428

31,700
498,497
528,407

33,170
541,109
574,238

35,960
587,580
624,303

$2.62

$2.60

$2.58

$2.56

$2.66

$2.70

$1.42

$1.58

$1.69

$1.80

$1.94

$2.07

$0.40

1
62,694,361 common shares in 2007. Thereafter, 64,416,919 shares reflecting conversion of the preferred stock.
2
1,389,1 60 preferred shares in 2007. Conversion into 1,722,558 shares of common stock assumed in 2008.

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

-11-

UVA-F-1573

Exhibit 6
FLINDER VALVES AND CONTROLS INC.
Market Prices of Flinder Valves and RSE International Corporation

2003
2004
2005

Flnder Valves and Controls


Common Stock
High
Low
Close
$16.25
$8.75
$15.00
24.75
14.00
22.63
25.00
20.00
22.25

RSE International Corporation


Common Stock
Preferred Stock
High
Low
Close
High
Low
$12.31
$10.05 $11.88
14.36
11.77
13.16
12.81
9.27
11.13

2006 Quarter Ended:


March-31
June-30
September-30
December-31

24.38
22.75
22.75
24.36

20.75
20.38
20.38
20.13

21.50
21.00
21.50
21.00

14.13
13.69
12.83
12.39

12.83
12.04
10.48
11.26

13.95
11.78
11.26
11.87

23.50
23.63
22.75
30.00

20.00
19.88
20.00
22.25

21.75
22.00
22.50
28.50

11.60
11.60
13.61
17.01

10.20
10.90
11.13
13.30

10.67
10.90
13.61
16.78

13.61
13.15
14.22
17.32

12.21
12.04
12.37
13.77

32.13

26.00

31.50

20.73

15.08

20.69

17.32

13.98

$39.75

$38.90

$39.75

$22.58

$18.30

$21.98

$17.63

$15.35

2007 Quarter Ended:


March-31
June-30
September-30
December-31
2008 Quarter Ended:
March-31
May 1, 2008

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

-11-

UVA-F-1573

Exhibit 7
FLINDER VALVES AND CONTROLS INC.
Market Information on Finns in the Industrial Machinery Sector

Price/
Earnings
Ratio
Cascade Corp.
Manufactures loading engagement devices
Curtiss-Wright Corporation
Manufactures highly engineered, advanced technologies that
perform critical functions
Flowserve Corp.
Makes, designs, and markets fluid handling equipment
(pumps, valves, and mechanical seals)
Gardner Denver
Manufacturers stationary air compressors, vacuum products,
and blowers
Idex Corp.
Manufactures a wide range of pumps and machinery products
and Blowers
Roper Inds.
Manufacturers energy systems and controls, imaging
equipment, and radio frequency products
Tecumseh Products
Manufactures compressors, condensers, and pumps
Watts Industries
Manufactures and sells and extensive line of valves
for the plumbing and heating and water quality markets

Beta

Expected
Growth
Rate
to 2010

Debt/Capital

1.7%

5.1%

29%

Dividend
Yield

10.5

0.95

17.2

1.0

0.7

12.3

36%

20.8

1.3

1.0

27.0

30%

10.9

1.3

Nil

NMF

19%

16.1

1.05

1.5

10.8

22%

19.7

1.2

0.5

10.8

29%

38.2

1.05

Nil

NMF

8%

1.3

1.5

8.4

32%

15

NMF = not meaningful figure.


Source: Value Line Investment Survey, April 25, 2008.

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

Exhibit 8

FLINDER VALVES AND CONTROLS INC.


Information on Selected Recent Mergers
Effective
Date
Acquirer
5/25/2006
Armor Holdings Inc
6/26/2006
Bouygues SA
9/20/2006
Boeing Co
11/10/2006 Daikin Industries Ltd
12/8/2006
Oshkosh Truck Corp
4/11/2007
Rank Group Ltd
6/22/2007
Meg gitt PLC
7/31/2007
BAE Systems Inc
12/3/2007
Carlyle Group LLC
12/20/2007
ITT Corp
2/6/2008 London Acquisition BV
6/5/2008
Ingersoll-Rand Co Ltd

This document is used with permission and is available to

Business
Law enforcement equ
Construction
Aircraft
Air conditioning sys
Heavy duty tucks
Investment holding co
Aerospace/defense system
Electronic systems
Private equity firm
Pumpsh aloes
Investment holding co
Industrial machinery/equip

David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Western

Target
Stewart & Stevenson
Alstom SA
Avian Inc
OYL Industries Bhd
JLG Industries Inc
SIG Holding AG
K&F Industries Holding
Armor Holdings Inc
Sequa Corp
EDO Corp
Stork NV
Trane Inc

Business
Turbine-driven products
Power generation equip
Vehicle parts
Airconditioners
Excavators/telehandlers
Packaging/plastics machinery
Aircraft braking systems
Law enforcement equip
Aircraft engine component
Electn system products
Components
Airconditioners
(Continued/...)

Exhibit 8 (Continued)

Acquirer
Armor Holdings Inc
Bouygues SA
Boeing Co
Daikin Industries Ltd
Oshkosh Truck Corp
Rank Group Ltd
Meggitt PLC
BAE Systems Inc
Carlyle Group LLC
111 Corp
London Acquisition BV
Ingersoll-Rand Co Ltd

Target
Stewart & Stevenson
Al stom SA
Avian Inc
OYL Industries Bhd
JIG Industries Inc
SIG Holding AG
K&F Industries Holdings
Armor Holdings Inc
Sequa Corp
EDO Corp
Stork NV
Trane Inc

Target Net Sales


Equity
Transaction Last 12 Months Value/Target
Size ($mm)
($mm)
Net Income
1,123
726
65.3
2,467
17,679
nmf
2,057
1,371
28.9
1,152
1,581
27.6
3,252
2,289
20.5
2,314
1,418
38.6
1,802
424
20.3
4,328
2,805
30.5
2,007
2,181
34.4
1,678
945
86.8
2,347
2,153
17.1
9,751
8,328
21.2

Enterprise
Value/Target
Net Sales
1.12
1.48
1.53
1.41
1.30
1.56
4.26
1.71
1.25
1.99
0.02
1.39

Enterprize
Premium 4
Value/Target
Enterprise Weeks Prior to
Net Operating Value/Target Announcement
Income
Cash Flow
Data (%)
33.1
23.7
40.6
77.9
22.5
-1.2
18.7
14.9
27.2
21.5
16.8
19.4
11.9
10.7
52.3
64.8
14.2
19.3
13.1
10.8
13.5
17.1
14.3
29.3
20.6
12.5
63.3
34.0
23.9
40.5
na
na
35.2
14.9
11.6
na

-14-

UVA-F-1573

Exhibit 9
FLINDER VALVES AND CONTROLS INC.
Capital Market Interest Rates and Stock Price Indexes
(averages per year except April 2008, which offers closing values for April 25, 2008)
2006

2007

April-08

4.70%
5.00%

4.40%
4.91%

1.28%
4.52%

5.59%
5.80%
6.06%
6.48%

5.56%
5.90%
6.09%
6.48%

5.58%
5.96%
6.32%
6.98%

1,418
17.7x

1,468
18.3x

1,398
17.4x

13.9x
1.4%

14.0x
1.4%

U.S. Treasury Yields

3-month bills
30-year bonds
Corporate Bond Yields by

Aaa
Aa
A
Baa
Stock Market

S&P 500 Index


Price/earnings ratio
Industrial Machinery Stocks

Price/earnings ratio
Dividend yield

Historical return premium of equity over government debt (1926-2007)


Geometric average 5.5%
Arithmetic average 7.2%
Data Source: Value Line Investment Survey, 25 April 2008; Federal Reserve Bulletin; Compustat.

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (Writer Quarter 2010), Western

Stock and Index Price


Date
S&P 500 FVC
RSE
Mar-06 1,294.87
21.50
13.95
Jun-06 1,270.20
21.00
11.78
Sep-06 1,335.85
21.50
11.26
Dec-06 1,418.30
21.00
11.87
Mar-07 1,420.86
21.75
10.67
Jun-07 1,503.35
22.00
10.90
Sep-07 1,526.75
22.50
13.61
Dec-07 1,468.36
28.50
16.78
Mar-08 1,322.70
31.50
20.69
May-08 1,409.34
39.75
21.98

Stock Index and Returns


S&P 500 FVC
RSE
-1.91%
5.17%
6.17%
0.18%
5.81%
1.56%
-3.82%
-9.92%
6.55%

-2.33%
2.38%
-2.33%
3.57%
1.15%
2.27%
26.67%
10.53%
26.19%

-1.91%
5.17%
6.17%
0.18%
5.81%
1.56%
-3.82%
-9.92%
6.55%

RSE
-15.56%
-4.41%
5.42%
-10.11%
2.16%
24.86%
23.29%
23.30%
6.23%

-15.00%

-15.00%

FVC Beta
30.00%
25.00%
20.00%
15.00%

Series1
y = -0.3828x + 0.0798

10.00%

Linear (Series1)
Linear (Series1)

5.00%

-15.00%

-10.00%

0.00%
-5.00%
0.00%
-5.00%

5.00%

10.00%

30.00%
25.00%
20.00%

y = -0.9993x + 0.0722

15.00%
10.00%

Series1

5.00%
-15.00%

-10.00%

0.00%
-5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%

Linear (Series1)
5.00%

10.00%

-14-

UVA-F-1573

Exhibit 10
FLINDER VALVES AND CONTROLS INC.
Forecast of Financial Statements for Flinders Control and Valve for Years Ended
December 31, 2008-12
(dollars in thousands)

Sales
Cost of goods sold
Gross profit
administrative
Other income, net
Income before taxes
Taxes
Net income
Depreciation
Net PPE
Net Working capital

Actual
2007
$49,364
37,044
12,320
2,936
228
9,612
4,037
$5,575

2008
$59,600
43,816
15,784
3,612
240
12,412
4,965
$7.447

2009
$66,000
48,750
17,250
4,124
264
13,390
5,356
$8.034

Projected
2010
$73,200
54,104
19,096
4,564
288
14,820
5,928
$8.892

$1,508

$1,660

$1,828

$2,012

$18,268
$16,840

$22,056
$20,331

$24,424
$22,515

$27,088
$24,971

Source: FVC Analysis.

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (Writer Quarter 2010), Western

-14-

UVA-F-1573

S INC.
Valve for Years Ended

Projected
2011
$81,200
59,958
21,242
5,052
320
16,510
6,604
$9.906

2012
$90,000
66,200
23,800
5,692
352
18,460
7,384
$11.076

$2,212

$2,432

$30,049
$27,700

$33,306
$30,702

This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (Writer Quarter 2010), Western

Growth rate

-4%

1%

28%

9%

21%

11%

2004

2005

2006

2007

2008

2009

INCOME STATEMENT PROJECTION


Sales
36,312
34,984
COGS
25,924
24,200
Gross Profit
10,388
10,784
SGA
2,020
2,100
92
572
Other Income-net
8,460
9,256
Income before Taxes
Taxes
3,276
3,981
Net Income
5,184
5,275

35,252
24,300
10,952
2,252
108
8,808
3,620
5,188

45,116
31,580
13,536
2,628
72
10,980
4,721
6,259

49,364
37,044
12,320
2,936
228
9,612
4,037
5,575

59,600
43,816
15,784
3,612
240
12,412
4,965
7,447

66,000
48,750
17,250
4,124
264
13,390
5,356
8,034

Year

Tax Rate
Depreciation

2003

39%
784

43%
924

41%
1,088

43%
1,280

42%
1,508

40%
1,642

40%
1,819

COMMON SIZE ANALYSIS


Sales
100%
COGS
71%
Gross Profit
29%
SGA
6%
Other Income-net
0%
Income before Taxes
23%
Taxes
9%
Net Income
14%
Depreciation
2%

100%
69%
31%
6%
2%
26%
11%
15%
3%

100%
69%
31%
6%
0%
25%
10%
15%
3%

100%
70%
30%
6%
0%
24%
10%
14%
3%

100%
75%
25%
6%
0%
19%
8%
11%
3%

100%
74%
26%
6%
0%
21%
8%
12%
3%

100%
74%
26%
6%
0%
20%
8%
12%
3%

RETAINED EARNINGS PROJECTION


Beginning Balance
11,195
14,699
Net Income
5,184
5,275
Dividends
1,680
2,008
Ending Balance
14,699
17,966
Dividend Payout Ratio
32%
38%

17,966
5,188
2,016
21,138
39%

21,138
6,259
2,304
25,093
37%

25,093
5,575
2,304
28,364
41%

28,364
7,447
2,792
33,019
37%

33,019
8,034
3,012
38,041
37%

FREE CASH FLOW


EBIT
Tax
NOPAT
Dividends
Net PPE = Depr. + Capital Expenditure
NWC
NPV
Year to FCF
NPV

PV(FCF(2011-2020))
PV(CFCF)**
Plus excess assets:
Cash & Equiv.
ST Investments
LT Investments
Enterprize Value
Less liabilities:

VALUATION
27,086
117,464 gp =
$1,884
1,768
148,202

$ 12,412 $ 13,390
4,965
5,356
7,447
8,034
2,792
3,012
3,788
2,368
3,491
2,184
$ 2,960 $ 6,494
0
1
$ 2,960 $ 5,930

4%

WACC CALCULATION
Tmrg
Debt
MktCap
D/E
Rd
mBeta
BBeta
Rf

LTD 2009
Employee Stock Options, est Other LT Liab.
Preferred stock
Common Equity Value
148,202
Shares Outstanding
2,440
Fair value per share
60.74
Last Trade Jan 20, 2012
Difference
Percentage Difference
Implied P/E at horizon date 15.26

MRP
Re
Wd
WACC

$
$

11%

11%

11%

2010

2011

2012

73,200
54,104
19,096
4,564
288
14,820
5,928
8,892

81,200
59,958
21,242
5,052
320
16,510
6,604
9,906

90,000
66,200
23,800
5,692
352
18,460
7,384
11,076

40%
2,017

40%
2,238

40%
2,480

100%
74%
26%
6%
0%
20%
8%
12%
3%

100%
74%
26%
6%
0%
20%
8%
12%
3%

100%
74%
26%
6%
0%
21%
8%
12%
3%

38,041
8,892
3,334
43,599
37%

43,599
9,906
3,714
49,790
37%

49,790
11,076
4,153
56,714
37%

14,820 $ 16,510 $ 18,460


5,928
6,604
7,384
8,892
9,906
11,076
3,334
3,714
4,153
2,664
2,961
3,257
2,456
2,729
3,002
7,106 $ 7,930 $ 8,970
2
3
4
5,924 $ 6,037 $ 6,235

WACC CALCULATION
40%
96,990
6.0%
1.04
1.00
4.5%

74%
26%
6%
0.39%

of Sales
of Sales
of Sales
of Sales

40% tax rate

3% of Sales

37% of NI

5.0%
9.5%
9.5%

Net sales
Cost of products sold
Gross profit
Selling, general, and administrative
Earnings before federal income taxes
Tax expense
Net earnings
Depreciation
Cash dividends declared

RETAINED EARNINGS PROJECTION


Beginning Balance
Net Income
Dividends
Ending Balance

-9%
1%
32%
10%
2003
2004
2005
2006
2007
$1,623,963 $1,477,402 $1,498,645 $1,980,801 $2,187,208
1,271,563 1,180,444 1,140,469 1,642,084 1,793,511
352,400
296,958
358,176
338,717
393,697
58,463
69,438
74,932
87,155
120,296
293,937
227,520
283,244
251,562
273,401
126,393
95,558
116,130
101,882
109,360
167,544
131,962
167,114
149,679
164,041
19,160
85,754

20,000
77,052

21,480
53,116

24,200
77,340

26,800
92,238

369,981
167,544
85,754
451,771

451,771
131,962
77,052
506,681

506,681
167,114
53,116
620,679

620,679
149,679
77,340
693,018

693,018
164,041
92,238
764821

VALUATION
833,432
1,820,486

4%

FREE CASH FLOW


EBIT
Tax
NOPAT
Dividends
Net PPE = Depr. + Capital Expenditure
NWC
NPV
Year to FCF
NPV

PV(FCF(2011-2020))
PV(CFCF)**
Plus excess assets:
Cash & Equiv.
ST Investments
LT Investments
Enterprize Value
Less liabilities:
LTD 2009
Employee Stock Options, est
Other LT Liab.
Preferred stock
Common Equity Value
Shares Outstanding
Fair value per share

46,480
262,080
2,962,478
2,962,478
96,000
30.86

Last Trade Jan 20, 2012


Difference
Percentage Difference
Implied P/E at horizon date

16.32

6%
2008

7%
2009

7%
2010

6%
2011

6%
2012

$2,329,373
1,920,085
409,288
129,786
279,502
111,801
167,701
27,950
102,082

$2,480,785
2,064,243
416,542
139,481
277,061
110,824
166,237
29,770
108,714

$2,642,037
2,216,470
425,567
151,027
274,540
109,816
164,724
31,700
115,779

$2,813,769
2,367,290
446,479
161,315
285,164
114,066
171,098
33,170
125,185

$2,996,658
2,537,259
459,399
169,826
289,573
115,829
173,744
35,960
133,313

764821

830,440

887,963

936,908

982,821

167,701
102,082

166,237
108,714

164,724
115,779

171,098
125,185

173,744
133,313

830,440

887,963

936,908

982,821

1,023,252

279,502

277,061

274,540

285,164

289,573

111800.8
167,701

110824.4
166,237

109816
164,724

114065.6
171,098

115829.2
173,744

102,082

108,714

115,779

125,185

133,313

37,201
25,359
207,223
0
207,223

32,882
38,472
203,597
1
182,238

39,093
41,979
199,431
2
159,783

42,612
45,831
207,840
3
149,052

46,471
50,065
210,521
4
135,136

WACC CALCULATION
Tmrg
40%
Debt
MktCap
96,990
D/E
Rd
6.0%
mBeta
1.04
BBeta
1.00
Rf
4.5%
MRP
7.2%
Re
11.7%
Wd
WACC
11.7%

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