Sr. No. Particulars Year 0 Year 11 Revenue Growth 2.50%2 Gross Margin 33%3 SG&A 25%4 Depreciation/PPE 10%5 NWC Turnover 4.4 56 PPE* Turnover 1.8 1.87 Tax Rate 35%8 Discount Rate (WACC) 8%9 Terminal Growth Rate 4.50%

The Revenues in Year 0 are $140 mn*Gross PPE, i.e., Gross Fixed assets

Revenue 140 143.5Gross Margin 47.355SGA 35.875PPE 77.77778 79.72222NWC 31.81818 28.7DEP 7.972222DPPE 1.944444DNWC -3.118182EBIT 3.507778EBT 2.280056FCF 11.42602Terminal ValueEV $309.65

Year 2 Year 3 Year 4 Year 5### 6.50% 5.50% 4.50%34% 35% 36% 36%25% 25% 24% 23%10% 10% 10% 10%5.2 5.5 5.8 61.9 2 2 2 PPE - Property, plant and Equipment

149.958 159.70474 168.4885 176.070550.9856 55.896658 60.655859 63.3853737.4894 39.926184 40.43724 40.49621

78.925 79.852369 84.244249 88.0352428.838 29.037225 29.049741 29.345087.8925 7.9852369 8.4244249 8.803524

-0.79722 0.9273688 4.3918803 3.7909910.13798 0.1992442 0.012516 0.2953395.60368 7.9852369 11.794195 14.085643.64239 5.190404 7.6662267 9.15566512.1941 12.049028 11.686255 13.87286

414.2039260766

Sr. No. Particulars Year 0 Year 11 Revenue Growth 2.50%2 Gross Margin 33%3 SG&A 25%4 Depreciation/PPE 10%5 NWC Turnover 4.4 56 PPE Turnover* 1.8 1.87 Tax Rate 35%8 Discount Rate 8%9 Terminal Growth Rate 4.50%

The Topline is $140 mnCalculation (Sr. no referenYear 0 Year 1

10 Revenue 140 143.511 Cost of Goods Sold `12-1012 Gross profit `10x2 47.35513 Sales, General & Admin Exps `10x3 35.87514 Dep `19x4 7.97222215 Operating Profit `12-13-14 3.50777816 Net Operating Profit after tax `15(1-7) 2.280056

17 Net Working Capital `10/5 31.81818 28.71819 PPE 77.77778 79.72222

Cash flows20 NOPAT 16 2.28005621 Add. Dep 14 7.97222222 Less. Capex (Change in 19) 1.94444423 Less. Increase in NWC Change in 17 -3.11818224 Free Cash Flow `20+21-22-23 11.4260225 Year 6 Steady State FCF Ref. 926 Terminal Value 25/ (8-9)

P.V. of Terminal ValueDiscounted Cash Flow 10.57964Enterprise Value 309.6492

Year 2 Year 3 Year 4 Year 54.50% 6.50% 5.50% 4.50%34% 35% 36% 36%25% 25% 24% 23%10% 10% 10% 10%5.2 5.5 5.8 61.9 2 2 2

Year 2 Year 3 Year 4 Year 5149.9575 159.7047 168.4885 176.0705

50.98555 55.89666 60.65586 63.3853737.48938 39.92618 40.43724 40.49621

7.8925 7.985237 8.424425 8.8035245.603675 7.985237 11.79419 14.085643.642389 5.190404 7.666227 9.155665

28.83798 29.03723 29.04974 29.34508 Revenue/NWC Turnover

78.925 79.85237 84.24425 88.03524 *This is gross PPE Asset turnover = Revenue/Asset

3.642389 5.190404 7.666227 9.1556657.8925 7.985237 8.424425 8.803524

-0.797222 0.927369 4.39188 3.7909910.137981 0.199244 0.012516 0.29533912.19413 12.04903 11.68626 13.87286

14.4971374127414.2039260766261.0187335492

10.4545 9.564907 8.589746 9.441635

Revenue/NWC Turnover Because, NWC Turnover = Revenue/NWC

Asset turnover = Revenue/Asset Asset = Revenue/Asset Turnover