financial model for bt6

7/21/2019 Financial Model for BT6

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Financial Statement Model for B

General assumption

Company name

Last fscal year end (mm/dd/yy)Current Share price

Total Revenue

Cost o Good Sold

Gross Prot

Selling, general and administrative

EBIT (operating income)

nterest e!pense

"onoperating (income)/loss

#reta! ncome

Ta!es

"et ncome

$iluted Share outstanding

$iluted earning per share

"on%recurring charges per share

$ & '

EBITDA

#roection assumption

Revenue groth

Gross proft margin

*+T argin-

arginal Ta! rate

$&' groth

Cap e! groth

$ividendsCommon dividends

$ividend payout ratio

Balance Sheet

Cash and equivalents (inc. investment securities)



Accounts receivable

Inventories

Deferred income taxes

Prepaid expenses

Other current assets

Short term financial investment

Other receivable

ac!up fund for non performin" receivable

Short term prepaid expense

#ixed #inance assets

Other short term assets

PP$%

Intan"ibles

Other non&current assets

Other lon" term receivables

'eal estateon" term financial investment

Investment to oint compan*

Other lon" term investment

Commercial advanta"e

Total Assets

Accounts pa*able

Accrued expenses

+axes pa*able

Other current liabilities (non&debt)Other short term pa*ables

Pa*able cost

Other pa*bles

Short term pa*able fund

Prepaid revenue

A,ard #und

Current portion of lon"&term debt

Short term debt ('evolvin" credit facilit*)

on" term debt

Convertible debt

Deferred income taxes

-inorit* interest

Other non&current liabilities

+otal iabilities

Convertible Preferred Stoc!

Common Stoc! and APIC



Stoc! fund

ac! up fund

Dev #und

Capital surplus

'etained earnin"s

+otal Shareholders %quit*

Total Liabilities + Shareholders' Equity

Balance check

DEbt/ Equity

Supporting Schedules

Intangible assets

Acquisition of intan"ibles

'morti.ationntangiles

PPE

Capital *!penditure

'sset Sales

$epreciation

##&* alance

Cash flow Stateent

/et Income

Depreciation $ amorti0ation

Chan"es in ,or!in" capital

Accounts receivable

Inventories

Prepaid expenses


Accounts pa*able

Accrued expenses

+axes pa*ableOther current liabilities

Deferred tax assets

Deferred tax liabilities

%quit* income in affiliates

-inorit* interest expense

Cash from operations



Purchase of fixed assets (capital expenditures)

Proceeds from sale of fixed assets

Purchase of intan"ible assets

Other lon"&term assets

Cash from investin"

Convertible preferred stoc!

Common stoc! and APIC

+reasur* stoc! repurchases

Comprehensive accumulated loss

Other equit* account

Common and preferred dividends

Increases 1 (decreases) in debt

Cash from financin"

+otal increase1decrease of cash

De!t

Cash 0 eginning o the year (end last year)

#lus1 2ree cash 3o prior to det

Less1 inimum cash alance

Total C'sh availe or cash paydon

Current portion o long%term det

Long%term det

Convertile detCash (shortall)/surplus

Short term det

Interest e"pense

nterest rate on long term det

nterest rate on covertile det

nterest rate on short term det

nterest e!pense on long term det

nterenst e!pense on converitle det

nterest e!pense on short term det

Total interest e!pense



6

+T4

56/78/68579:5;4:

'ctual #

6857 685: 685< 6854 685=

56/78/6857 56/78/685: 56/78/685< 56/78/6854 56/78/685=

5,8=7;4 5,56=;7 5,5>7;4 5,6:6;> 5,78<;8

?64;7 ?=6;4 5,865;6 5,8=6;7 5,56<;?

5:=;7 5<:;= 546;: 5=8;< 5=?;8

=7;8 =4;= >8;< >:;< >>;=

#$%& =>;8 >5;? >4;8 ?8;7

==;8 <<;< :>;8 :?;: <5;:

5=;7 5=;7 5=;7 5=;7 5=;7

5:;4 7?;> <5;6 <:;8 <4;6

4;4 5>;8 67;5 6:;: 6<;:

>;8 65;> 6>;5 6?;4 78;>

64;> 6>;5: 6?;<< 75;86 76;<>

584;54 555;:4 55=;8: 566;>?

<;8- <;8- <;8- <;8-

5:- 57;=- 57;=- 57;=- 57;=-

=- 4;?- 4;?- 4;?- 4;?-

:<- :<;6- :<;6- :<;6- :<;6-

<;8- <;8- <;8- <;8-

<;8- <;8- <;8- <;8-

:;<8 56;6= 5<;=> 54;47 5=;77

<4;7-

!"#$ !"#% !"#& !"# !"#(

23.4 5.5 5.6 5.7 5.7



828.7 873.9 8:;.3 327.4 385.7

427.6 465.3 479.9 438.3 4:7.7

;.5 ;.4 ;.6 ;.6 ;.6

46.9 48.7 49.6 6;.4 62.4

#&)* 587.: 587.: 587.: 587.:

74.4

556.5

(2:.8)

;.8

;.5

23.6

55:.; 522.6 527.: 52:.8 544.7

73.; 73.; 73.; 73.; 73.;

!%#)" 265.; 265.; 265.; 265.;

4.43;.9

568.7

2;.5

;.4

#&*()" #!$) #(*)$ #($()& #(*,)

294.8 2:3.9 452.3 429.4 466.3

57.2 58.; 58.9 53.8 59.7

24.4 84.7 95.3 98.5 9:.3

#%)! 586.2 586.2 586.2 586.2

49.9

23.8

55.2

98.8

;.2 ;.2 ;.2 ;.2 ;.2

84;.4 7:2.5 8;5.8 827.: 872.7

7.4 7.5 6.: 6.3 6.7

;.; ;.; ;.; ;.;

;.4 ;.4 ;.4 ;.4 ;.4

42.4 42.4 42.4 42.4 42.4

;.; ;.; ;.; ;.;

##&%)( ##(#)& #!#%)( #!&*) #$")*

6;2.8 6;2.8 6;2.8 6;2.8 6;2.8



;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

4:.8 6:.5 85.6 36.6 93.9

%%!)! %&#)( %%)" %(()" %*")%

5<7:8.: 5<824.4 5<839.3 5<348.8 5<3:3.4

8;8 8;7 8;4 5;8 5;7

8;<?

!"#$ !"#% !"#& !"# !"#(

;.;; ;.;; ;.;; ;.;; ;.;;

;.;; ;.;; ;.;; ;.;; ;.;;<=;8 <=;8 <=;8 <=;8 <=;8

78 76 77 7< 74

8;8 8;8 8;8 8;8 8;8

(6=) (6>) (78) (75) (77)

55?;8 566;: 56<;? 56?;4 577;<

!""& !"" !""( !"",25.9 29.5 2:.8 4;.9

29.5 2:.7 45.; 42.8

(45.4) (42.:) (46.7) (48.4)

(58.4) (53.5) (53.:) (59.9)

(5.3) (5.9) (5.:) (2.;)

;.; ;.; ;.; ;.;

56.2 56.: 57.8 58.6

;.9 ;.9 ;.9 ;.:

6;.2 59.2 6.6 4.8;.; ;.; ;.; ;.;

(;.2) (;.5) (;.;) (;.;)

;.; ;.; ;.; ;.;

;.4 ;.4 ;.4 ;.4

;.; ;.; ;.; ;.;

77.: 4:.: 23.4 23.7



(45.7) (44.5) (46.3) (48.7)

;.; ;.; ;.; ;.;

8;8 8;8 8;8 8;8

;.; ;.; ;.; ;.;

(75;<) (77;5) (7:;=) (74;<)

;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.;

(52.4) (57.9) (58.8) (53.4)

(49.6) :.4 26.5 28.6

(7;.8) (8.7) 3.7 :.;

(28.2) ;.4 ;.5 ;.5

6=;7 5;5 5;: 5;<

- o sales 56;6 (?;8) (6:;8) (64;7)

<;88- 5;8? 5;:8 5;:> 5;<:

7>;: (?;7) (6:;5) (64;:)

8;6 8;6 8;6 8;6 8;6

<;7 <;5 :;? :;= :;<

8 8 8 8 87>;6 (?;<) (6:;7) (64;4)

478;7 <?6;5 485;4 46<;? 4<6;<

?- <- <- <-

8- 8- 8- 8-

:;<8- :;88- :;88- :;88-

8;:? 8;64 8;6< 8;6:

8;88 8;88 8;88 8;88

<<;85 :=;=< :?;58 <5;57

<<;<8 :>;85 :?;7< <5;7=



oected 2orcast

685> 685? 6868 6865 6866

56/78/685> 56/78/685? 56/78/6868 56/78/6865 56/78/6866

5,7=8;6 5,:7>;= 5,<58;= 5,<>4;6 5,44<;<

5,5>6;6 5,6:5;7 5,787;: 5,74>;4 5,:7=;8

5>>;8 5?=;: 68=;7 65=;4 66>;<

?7;6 ?=;> 586;= 58=;? 557;6

?:;> ??;4 58:;< 58?;> 55<;7

<7;4 <<;> <>;7 48;> 47;<

5=;7 5=;7 5=;7 5=;7 5=;7

<>;4 45;8 47;4 44;7 4?;5

64;< 6=;4 6>;= 78;8 75;6

76;5 77;: 7:;> 74;7 7=;>

7:;68 7<;?5 7=;=5 7?;48 :5;<>

56?;87 57<;:> 5:6;64 5:?;7= 5<4;>:

<;8- <;8- <;8- <;8- <;8-

57;=- 57;=- 57;=- 57;=- 57;=-

4;?- 4;?- 4;?- 4;?- 4;?-

:<;6- :<;6- :<;6- :<;6- :<;6-

<;8- <;8- <;8- <;8- <;8-

<;8- <;8- <;8- <;8- <;8-

5>;8< 5>;>5 5?;48 68;:6 65;6>

!"#, !"#* !"!" !"!# !"!!

5.8 5.3 5.3 5.9 5.:



3::.8 94:.8 995.7 :27.8 :35.:

657.4 648.5 673.: 69;.9 7;6.9

;.6 ;.6 ;.6 ;.7 ;.7

66.6 68.8 6:.; 75.6 76.;

587.: 587.: 587.: 587.: 587.:

543.8 565.: 568.6 575.5 578.;

73.; 73.; 73.; 73.; 73.;

265.; 265.; 265.; 265.; 265.;

#,!)( #*$")# !"""), !"(&)" !#&$)"

482.; 49;.5 4::.5 65:.; 66;.;

5:.6 2;.6 25.6 22.7 24.8

:4.7 :3.6 5;5.7 5;7.3 55;.2

586.2 586.2 586.2 586.2 586.2

;.; ;.; ;.; ;.; ;.;

89;.8 35;.; 365.5 334.9 9;9.6

6.7 6.7 6.7 6.7 6.7

;.; ;.; ;.; ;.; ;.;

;.4 ;.4 ;.4 ;.4 ;.4

42.4 42.4 42.4 42.4 42.4

;.; ;.; ;.; ;.; ;.;

#$&)( #%"*)# #%%)$ #&!!)$ #&,$)%

6;2.8 6;2.8 6;2.8 6;2.8 6;2.8



;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

5;5.: 558.7 545.9 563.8 586.2

&"%)& &#*)# &$%)% &&")! &),

5<985.2 5<:29.2 5<::9.8 2<;32.8 2<57;.2

5;< 5;> 6;6 6;< 6;>

!"#, !"#* !"!" !"!# !"!!

;.;; ;.;; ;.;; ;.;; ;.;;

;.;; ;.;; ;.;; ;.;; ;.;;<=;8 <=;8 <=;8 <=;8 <=;8

7> :8 :6 :: :=

8;8 8;8 8;8 8;8 8;8

(7:) (74) (7>) (:8) (:6)

57=;4 5:5;? 5:4;: 5<5;5 5<4;8

!"#, !"#* !"!" !"!# !"!!42.5 44.6 46.9 48.4 43.9

46.2 47.: 43.3 4:.8 65.8

(49.5) (6;.;) (62.;) (66.5) (68.4)

(5:.9) (2;.9) (25.9) (22.:) (26.;)

(2.5) (2.2) (2.4) (2.6) (2.8)

;.; ;.; ;.; ;.; ;.;

53.2 59.5 5:.; 2;.; 25.;

;.: 5.; 5.; 5.5 5.5

4.3 4.: 6.5 6.4 6.7;.; ;.; ;.; ;.; ;.;

(;.;) (;.;) (;.;) (;.;) (;.;)

;.; ;.; ;.; ;.; ;.;

;.4 ;.4 ;.4 ;.4 ;.4

;.; ;.; ;.; ;.; ;.;

29.7 2:.8 4;.9 42.5 44.4



(49.4) (6;.2) (62.2) (66.4) (68.7)

;.; ;.; ;.; ;.; ;.;

8;8 8;8 8;8 8;8 8;8

;.; ;.; ;.; ;.; ;.;

(7>;7) (:8;6) (:6;6) (::;7) (:4;<)

;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

;.; ;.; ;.; ;.; ;.;

(59.5) (59.9) (5:.8) (2;.6) (25.4)

23.: 2:.6 45.5 42.9 46.8

:.9 5;.8 55.7 52.4 54.4

;.5 ;.5 ;.5 ;.5 ;.5

5;< 5;4 5;= 5;= 5;>

(6=;>) (6?;:) (75;8) (76;=) (7:;<)

5;48 5;4= 5;=: 5;>6 5;>?

(6=;?) (6?;:) (75;5) (76;>) (7:;4)

8;8 8;8 8;8 8;8 8;8

:;< :;< :;< :;< :;<

8 8 8 8 8(6>;5) (6?;:) (75;5) (76;>) (7:;4)

4>8;4 =58;8 =:5;5 ==7;> >8>;:

<- <- <- <- <-

8- 8- 8- 8- 8-

:;88- :;88- :;88- :;88- :;88-

8;67 8;67 8;67 8;67 8;67

8;88 8;88 8;88 8;88 8;88

<7;76 <<;46 <>;8: 48;48 47;6?

<7;<< <<;>< <>;6= 48;>6 47;<5



DIS'*TED 'AS+ F,- A*A,.SIS

D'F Ass/mptions

General ass/mptions

Latest fscal year end

Current date

Current share price

Terminal 0al/e ass/mptions

Long term groth rate

'ost of capital ass/mptionsCost o det

Ta! rate

$et as - o total capital structure

Ris@ ree rate

*ATR eta

ar@et ris@ premium

*Buity as - o total capital structure

eighted average cost o capital ('CC)

Free 'as1 Flo2 B/ild/p

$mm

Fiscal year end

*+T

ta! rate

EBIAT

$epreciation

Accounts receivable

Inventories

Prepaid expenses


Accounts pa*able

Accrued expenses

+axes pa*able



Other current liabilities

nle0ered cas1 from operations

'apital e"pendit/res

nle0ered free cas1 3o2s#eriod

$iscount actor

Present 0al/e of free cas1 3o2s

Terminal 4al/e

Perpet/it5 approac1

2C2 in last orecast period (t)

Long term groth rate (g) Terminal value

#resent value o terminal value

Enterprise 0al/e

*et De!t

$et % Revolver

$et eBuivalent % convertile preerred stoc@

Cash

*et de!t

S1ares /tstanding

Current share price

*et dil/ted s1ares o/tstanding

4al/ation

*nterprise value

"et det

*Buity value

E/it5 0al/e per s1are

% premium / (discount) over market share price

2C2tD5



=/7/6855

>/78/6855

955,888;88

6;8-

58;8-

6<;8-

<?;8-

=;<-

8;48

58;8-

:5;8-

58;8-

Pro7ected

89:8P 89:&P 89:$P

7/31/2012 7/31/2013 7/31/2014

=>;8 >5;? >4;8

:<;6- :<;6- :<;6-

:6;= ::;? :=;5

6>;5 6?;< 75;8

(75;7) (76;?) (7:;<)

(54;7) (5=;5) (5=;?)

(5;=) (5;>) (5;?)

5:;6 5:;? 5<;4

8;> 8;> 8;>

:8;6 5>;6 :;:



7:;8 55;4 (6;<)

(&:%;) (&&%:) (&$%#)

<$;%8 <8&%$ <=%=5 6 7

?8;?- >6;=- =<;6-

:5;5 5?;: =;:

?;>

58;8

6-

56<;4

=>;5

:;>%6

47<;>

(6=;7)

69>%;

955,888;88

8;8

Perpet/it5 E/it5 0al/e per s1are (gro2t1 rate 0s -A'')

5<>;4 (9=<,8=>;>6) 55- 56- 57-

48>;< 7- 9<;5: 9:;4= 9:;78

(::?;?) :- 9<;<> 9<;88 9:;<4

??? <- 94;5= 9<;:7 9:;>>

(72!"%) 6- 9:;=? 9:;:5 9:;8?



E/it5 0al/e per s1are (e"it m/ltiple 0

ER*2F 55- 56-

>;8! 9:;4= 9:;<7

58;8! 9<;6= 9<;55

56;8! 9<;>= 9<;4>5:;8! 94;:= 94;6<



'omments

Should represent a sustainale perpetu

Re3ects the companys e!pected cost o

Should capture the companys marginal

Should re3ect the companys optimal or

ost commonly pro!ied y the yield on

hen company etas are unavaialle (

Re3ects the e!pected incremental retur

89:;P 89:6P

7/31/201" 7/31/201#

?8;7 ?:;> Reerence rom /S

:<;6- :<;6- Reerence rom /S

:?;< <6;8 Conceptually represents net income el

76;4 7:;6 Reerence rom C2S

(74;7) (7>;5) Reerence rom C2S

(5>;>) (5?;>) Reerence rom C2S

(6;8) (6;5) Reerence rom C2S

Reerence rom C2S

54;: 5=;6 Reerence rom C2S

8;? 8;? Reerence rom C2S

7;4 7;= Reerence rom C2S

K〖 (5 ) /[_ − ∗ (+



(7;4) (7;?)

(&6%;) (&>%&) Reerence rom C2S

<=%$ <=%>: < Represents the periods in the orecast (

4>;:- 46;6- 5/(5Dacc)Nperiod

4;: 4;5 Jlevered 2C2 O discount actor

*nterprise value K #P o 2C2 D #P o TP

54-

97;<7

97;4=

97;>6

97;:6

2C2tD5 K 2C2t O (5Dg)

TP K 2C2tD5/(acc%g)

#P o TP K TP O $iscount actort



-A'')

57- 5:-

9:;:8 9:;6>

9:;?< 9:;>8

9<;<8 9<;7794;8< 9<;><



l groth rate, hich is unadmentally limited y e!pected gloal G$# groth;

orroing; "ot to e conused ith historical cost o orroing, hich can som

ta! rate; Companies ith loer ta! rates should consider using normali.ed ta!

steady%state capital structure;

58 year JS treasuries or 58 year German ond yield;

rivate companies) or hen the standard error o the eta is too high, consider u

over ris@ ree investments o investing in the mar@et (as pro!ied y the S&# <8

nging to all providers o capital (unlevered) and ithout the ta! eHects o inter

)MD / )M [_∗ (+ 〗



,6,7,:,<)



ill e used to determine terminal value using the perpetuity approach; n prac

etimes e Buite diHerent; Iten pro!ied y inputting current yields on company

rates i loer ta! rates are not sustainale indefnitely;

ing an industry eta;

8); $epending on the methodology employed to calculate the R#, the conventi

st e!pense or interest income)



tice this rate is usually eteen 7%<-;

det, or y adding a yield spread to the yield on 58 year JS Treasuries ased on

onal acceptale range is <%=-;



the companys credit rating;

financial model for bt6

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