Documente Academic
Documente Profesional
Documente Cultură
2013
Actual
35,498
31,901
983
68,382
58,728
5,629
28,196
(47,939)
(7,393)
37,221
(4,160)
(2,568)
(6,728)
98,875
78,908
19,967
98,875
3
2013
Actual
2014
PLAN
2015
PLAN
2016
PLAN
2017
PLAN
2018
PLAN
102,774
(60,605)
(7,529)
(230)
(12,112)
(990)
105,960
(61,332)
(7,619)
(237)
(12,245)
(20)
108,185
(62,068)
(7,710)
(242)
(12,380)
(20)
110,457
(62,813)
(7,803)
(247)
(12,516)
(20)
112,777
(63,567)
(7,897)
(252)
(12,654)
(20)
115,145
(64,330)
(7,991)
(257)
(12,793)
(20)
EBITDA
21,308
24,507
25,765
27,058
28,387
29,754
EBITDA margin
20.7%
23.1%
23.8%
24.5%
25.2%
25.8%
(1,100)
(1,100)
(1,100)
(1,100)
(1,100)
(1,100)
EBIT
20,208
23,407
24,665
25,958
27,287
28,654
EBIT margin
19.7%
22.1%
22.8%
23.5%
24.2%
24.9%
(Financial Charges)
(1,010)
(1,170)
(1,233)
(1,298)
(1,364)
(1,433)
EBT
19,198
22,237
23,432
24,660
25,923
27,221
EBT margin
18.7%
21.0%
21.7%
22.3%
23.0%
23.6%
(Income taxes)
(5,951)
(6,893)
(7,264)
(7,645)
(8,036)
(8,439)
Net Income
13,246
15,343
16,168
17,015
17,887
18,783
Net Income
12.9%
14.5%
14.9%
15.4%
15.9%
16.3%
4.3%
Beta unlevered
0.88
D/E
0.09
Beta relevered
0.94
27.5%
5.7%
Size Premium
3.9%
0.0%
Ke
13.6%
Book Value
Fair Value
Plant 1
2,500
3,800
Plant 2
8,000
11,500
Plant 3
12,300
14,500
Plant 4
7,300
9,000
Plant 5
1,801
12,000
31,901
50,800
Tot Plant
Capital gain
2014
2015
1
2016
2
2017
3
2018
4
Cost of Equity
EBITDA
(D&A)
(D&A normalization)
Adjsuted EBIT
(Financial charges)
Adjusted EBT
(Income Taxes)
Adjusted Net Income
(Expected Return on Adjusted Shareholders' Equity)
Excess Earning
Discount rate
Discounted Excess Earnings
Marco Vulpiani. For information contact: mvulpiani@deloitte.it
10
11
Tau S.p.A.
Cost of Equity (ke)
Risk free rate
4.3%
Beta unlevered
0.88
D/E
0.09
Beta relevered
0.94
27.5%
5.7%
Size Premium
3.9%
0.0%
Ke
13.6%
4.7%
27.5%
3.4%
Financial Structure
Weight of Equity E/(D+E)
Weight of Debt D/(D+E)
WACC
Marco Vulpiani. For information contact: mvulpiani@deloitte.it
91.7%
8.3%
12.7%
12
13
2014
2015
1
2016
2
2017
3
2018
4
WACC
EBITDA
(D&A)
(D&A normalization)
Adjuted EBIT
(Personell cost)
(Figurative taxes)
(IRES)
(IRAP)
Adjusted NOPAT
(Expected Return on Adjusted Net Invested Capital)
Excess Earning
Discount rate
Discounted Excess Earnings
Marco Vulpiani. For information contact: mvulpiani@deloitte.it
14
15
16