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Enterprise value calculation
| Enterprise value calculation (value of the business without debt) | ||||||||||||||||||
| AZN'000 | H2 2014 | TY | ||||||||||||||||
| EBIT | 1,561 | 11,288 | 10,364 | 15,299 | 45,426 | 56,553 | 65,342 | 73,166 | 80,140 | 86,437 | 92,426 | 98,251 | 104,018 | 110,058 | 116,463 | 122,619 | 127,811 | 136,222 |
| Operating adjustments | ||||||||||||||||||
| Taxable profit | 1,561 | 11,288 | 10,364 | 15,299 | 45,426 | 56,553 | 65,342 | 73,166 | 80,140 | 86,437 | 92,426 | 98,251 | 104,018 | 110,058 | 116,463 | 122,619 | 127,811 | 136,222 |
| Corporate income tax paid | (312) | (2,258) | (2,073) | (3,060) | (9,085) | (11,311) | (13,068) | (14,633) | (16,028) | (17,287) | (18,485) | (19,650) | (20,804) | (22,012) | (23,293) | (24,524) | (25,562) | (27,244) |
| (-) Interest expnese adjustment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| (+) Depreciation and amortization | 8,492 | 25,130 | 22,278 | 70,674 | 60,839 | 52,886 | 46,438 | 41,210 | 36,968 | 33,527 | 30,739 | 28,487 | 26,674 | 25,226 | 24,079 | 23,186 | 22,507 | 18,755 |
| (-) Change in NWC | 4,619 | (9,817) | (22,539) | (9,047) | (1,208) | (1,000) | (1,125) | (1,203) | (1,281) | (1,424) | (1,574) | (1,694) | (1,888) | (2,054) | (2,096) | (1,965) | (2,023) | |
| (-) Change in net VAT receivable | (5,650) | (7,227) | (6,395) | 1,812 | 17,460 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Capital expenditures | (44,790) | (83,572) | (75,283) | (90,909) | (11,989) | (12,229) | (12,425) | (12,649) | (12,889) | (13,147) | (13,436) | (13,758) | (14,102) | (14,483) | (14,889) | (15,335) | (15,811) | (18,755) |
| Total | (37,640) | (77,743) | (61,383) | (44,022) | 48,177 | 28,138 | 19,945 | 12,803 | 6,848 | 1,812 | (2,606) | (6,496) | (9,925) | (13,157) | (16,157) | (18,769) | (20,831) | (29,267) |
| Free cash flows to firm | (36,080) | (66,454) | (51,019) | (28,723) | 93,603 | 84,691 | 85,287 | 85,968 | 86,988 | 88,249 | 89,820 | 91,756 | 94,092 | 96,901 | 100,306 | 103,850 | 106,980 | 106,955 |
| Terminal value not-discounted | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 854,815 |
| FCF including terminal value | (36,080) | (66,454) | (51,019) | (28,723) | 93,603 | 84,691 | 85,287 | 85,968 | 86,988 | 88,249 | 89,820 | 91,756 | 94,092 | 96,901 | 100,306 | 103,850 | 961,795 | - |
| Discount factor projection period (1) | 0.968 | 0.877 | 0.770 | 0.675 | 0.592 | 0.520 | 0.456 | 0.400 | 0.351 | 0.308 | 0.270 | 0.237 | 0.208 | 0.182 | 0.160 | 0.140 | 0.123 | 0.123 |
| Discount factor terminal period (2) | 0.964 | 0.865 | 0.748 | 0.647 | 0.560 | 0.484 | 0.419 | 0.362 | 0.313 | 0.271 | 0.234 | 0.203 | 0.175 | 0.152 | 0.131 | 0.113 | 0.098 | 0.098 |
| Discounted cash flows | (34,917) | (58,297) | (39,262) | (19,391) | 55,434 | 43,999 | 38,870 | 34,371 | 30,509 | 27,152 | 24,243 | 21,726 | 19,544 | 17,657 | 16,034 | 14,562 | 13,160 | - |
| Terminal value | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 83,912 |
| Sum of discounted cash flows 205,394 | ||||||||||||||||||
| Terminal value 83,912 | ||||||||||||||||||
| EV 289,306 |
Source: KPMG analysis
Notes: (1) Discount rate for cash flows to firm for forecast period is 14.0%
(2) Discount rate for cash flows to equity for terminal period is 15.6%
Financial projections
NPV calculations (1/2)
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