-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
Cash U.S. Treasury tax notes and other Treasury Due from U.S. government Accounts receivable net Inventories, at lower of cost or market Other current assets Total current assets Investments Land Buildings Equipment Less: allowance for depreciation Total plant, property, and Construction in process Total plant, property, and Patents Cash value of life insurance Deferred assets Total assets
$1,884 9,328 868 2,316 6,888 116 $21,400 1,768 92 6,240 18,904 7,056 18,180 88 18,268 156 376 156 42,121
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
8460
9256
8808
10980
9612
2344
3274
3276 5184
3981 5275
3620 5188
4721 6259
4037 5575
2344 1009
1391 1883
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
100
100
100
100
100
100
100
SGA Other Income-net Income before Taxes Taxes Net Income Cash dividends Depreciation
2007 Three months ended 3/30
Common Size
Sales 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
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 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 s
Note payable to bank Deferred federal income taxes 2 % cumulative convertible preferred stock, $20 par,
$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 22,082 433,484 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
2
1,389,160 shares outstanding Common stock, $2 par; 96,000,000 shares authorized; 62,694,361 shares issued 3
Capital smplu s Retained earnings Total equity Total liabilities and stockholders' equity
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
2004 $1,477,402
2005 $1,498,645
2006 $1,980,801
2007 $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
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
Depreciation
19,160
20,000
21,480
24,200
26,800
Cash dividends declared
85,754
77,052
53,116
77,340
92,238
Net sales Cost of products sold Gross profit Selling, general, and administrative
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
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
Cash dividends
92,238
102,082
108,714
115,779
125,185
133,313
Depreciation
26,800
27,950
29,770
31,700
33,170
35,960
Net PPE Net working capital
389,321
426,522
459,404
498,497
541,109
587,580
422,597
447,956
486,428
528,407
574,238
624,303
1
$2.62
$2.60
$2.58
$2.56
$2.66
$2.70
s
$1.42
$1.58
$1.69
$1.80
$1.94
$2.07
2
$0.40
Earnings per share . .
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
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UVA-F-1573
Exhibit 6 FLINDER VALVES AND CONTROLS INC. Market Prices of Flinder Valves and RSE International Corporation Flnder Valves and Controls
2003 2004 2005
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 High Low Close $12.31 $10.05 $11.88 14.36 11.77 13.16 12.81 9.27 11.13
Preferred Stock High Low
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
Beta
Expected Growth Rate to 2010
Debt/Capital
1.7%
5.1%
29%
Dividend Yield
Cascade Corp.
Manufactures loading engagement devices
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%
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
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
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
This document is used with permission and is available to David Fewings, in the course: Case Course Materials- Fewings (inter Quarter 2010), Wes tern
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 Value/Target Net Operating Income 33.1 77.9 18.7 21.5 11.9 64.8 13.1 17.1 20.6 34.0 na 14.9
Premium 4 Enterprise Weeks Prior to Value/Target Announcement Cash Flow Data (%) 23.7 40.6 22.5 -1.2 14.9 27.2 16.8 19.4 10.7 52.3 14.2 19.3 10.8 13.5 14.3 29.3 12.5 63.3 23.9 40.5 na 35.2 11.6 na
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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 Bull etin; 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%
-15.0
-15.0
FVC Beta 30.00% 25.00% 20.00% 15.00%
Series1 y = -0.3828x + 0.0798
10.00%
Linear (Series1) Linear (Series1)
5.00%
%
-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% %
-10.00%
0.00% -5.00% 0.00% -5.00% -10.00% -15.00% -20.00%
Linear (Series1) 5.00%
10.00%
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UVA-F-1573
Exhibit 10 FLINDER VALVES AND CONTROLS INC. Forecast of Financial Statements for Flinders Control and Valve for Years E 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
Projected 2009 2010 $66,000 $73,200 48,750 54,104 17,250 19,096 4,124 4,564 264 288 13,390 14,820 5,356 5,928 $8.034 $8.892
2008 $59,600 43,816 15,784 3,612 240 12,412 4,965 $7.447
$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
ded
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
$ 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
VALUATION
PV(FCF(2011-2020)) PV(CFCF)** Plus excess assets: Cash & Equiv. ST Investments LT Investments Enterprize Value Less liabilities:
27,086 117,464 gp = $1,884 1,768 148,202
WACC CA
4%
Tmrg Debt MktCap D/E Rd mBeta BBeta Rf
LTD 2009 Employee Stock Opti 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 d 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
LCULATION
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%
2003
Net sales Cost of products sold
$1,623,963
-9%
1%
32%
10%
2004
2005
2006
2007
$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
Earnings before federal income taxes
293,937
227,520
283,244
251,562
273,401
Tax expense
126,393
95,558
116,130
101,882
109,360
Net earnings
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
451,771
506,681
620,679
693,018
167,544
131,962
167,114
149,679
164,041
85,754
77,052
53,116
77,340
92,238
451,771
506,681
620,679
693,018
764821
Gross profit Selling, general, and administrative
Depreciation Cash dividends declared
RETAINED EARNINGS PROJECTION Beginning Balance Net Income Dividends Ending Balance
FREE CASH FLOW EBIT Tax NOPAT Dividends Net PPE = Depr. + Capital Expenditure NWC NPV Year to FCF NPV
VALUATION
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
833,432 1,820,486 46,480 262,080 2,962,478 2,962,478 96,000 30.86
4%
Last Trade Jan 20, 2012 Difference Percentage Difference Implied P/E at horizon date
16.32
6%
7%
7%
6%
6%
2008
2009
2010
2011
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 167,701 102,082 830,440
830,440 166,237 108,714 887,963
887,963 164,724 115,779 936,908
936,908 171,098 125,185 982,821
982,821 173,744 133,313 1,023,252
279,502 111800.8 167,701 102,082 37,201 25,359 207,223 0 207,223
277,061 110824.4 166,237 108,714 32,882 38,472 203,597 1 182,238
274,540 109816 164,724 115,779 39,093 41,979 199,431 2 159,783
285,164 114065.6 171,098 125,185 42,612 45,831 207,840 3 149,052
289,573 115829.2 173,744 133,313 46,471 50,065 210,521 4 135,136
WACC CALCULATION
Tmrg Debt MktCap D/E Rd mBeta BBeta Rf MRP Re Wd WACC
40% 96,990 6.0% 1.04 1.00 4.5% 7.2% 11.7% 11.7%
