Phân tích và định giá cổ phiếu của các công ty tăng trưởng niêm yết trên thị trường chứng khoán Việt Nam - 13


PHỤ LỤC 1:TÍNH β CỦA CÁC CÔNG TY TĂNG TRƯỞNG


PHỤ LỤC 1.1: β CỦA CTCP PHÁT TRIỂN ĐẦU TƯ CÔNG NGHỆ FPT


Date


Pi


Pm


Ri


Rm


Rf

Ri- Ri

Rm- Rm

(Ri- Ri )

(Rm- Rm )

(Rm- Rm )2

1/4/2010

85

508.2

6.25

1.03

5

2.635

0.2925

0.7707375

0.08555625

1/3/2010

80

503

2.56

3.31

5

-1.055

2.5725

-2.7139875

6.61775625

1/2/2010

78

486.9

-5.45

-5.82

5

-9.065

-6.5575

59.4437375

43.00080625

4/1/2010

82.5

517

5.77

0.41

5

2.155

-0.3275

-0.7057625

0.10725625

1/12/2009

78

514.9

-3.11

-8.33

5

-6.725

-9.0675

60.9789375

82.21955625

2/11/2009

80.5

561.7

-3.71

-1.28

5

-7.325

-2.0175

14.7781875

4.07030625

1/10/2009

83.6

569

-3.02

3.89

5

-6.635

3.1525

-20.9168375

9.93825625

1/9/2009

86.2

547.7

12.98

13.8

5

9.365

13.0625

122.3303125

170.6289063

5/8/2009

76.3

481.3

15.78

11.93

5

12.165

11.1925

136.1567625

125.2720563

1/7/2009

65.9

430

-0.9

0.84

5

-4.515

0.1025

-0.4627875

0.01050625

1/6/2009

66.5

426.4

17.7

26.68

5

14.085

25.9425

365.4001125

673.0133063

4/5/2009

56.5

336.6

22.83

16.27

5

19.215

15.5325

298.4569875

241.2585563

1/4/2009

46

289.5

8.24

16.88

5

4.625

16.1425

74.6590625

260.5803063

2/3/2009

42.5

247.7

-9.77

-16.74

5

-13.385

-17.4775

233.9363375

305.4630063

2/2/2009

47.1

297.5

-2.89

-5.04

5

-6.505

-5.7775

37.5826375

33.37950625

2/1/2009

48.5

313.3

-5.09

-0.44

5

-8.705

-1.1775

10.2501375

1.38650625

1/12/2008

51.1

314.7

0.59

-9.72

5

-3.025

-10.4575

31.6339375

109.3593063

3/11/2008

50.8

348.6

-16.17

-23.28

5

-19.785

-24.0175

475.1862375

576.8403063

1/10/2008

60.6

454.4

-26.81

-18.14

5

-30.425

-18.8775

574.3479375

356.3600063

3/9/2008

82.8

555.1

84.41

24.16

5

80.795

23.4225

1892.420888

548.6135063

1/8/2008

44.9

447.1

37.73

9.16

5

34.115

8.4225

287.3335875

70.93850625

1/7/2008

32.6

409.6

-14.66

0.42

5

-18.275

-0.3175

5.8023125

0.10080625

2/6/2008

38.2

407.9

-3.05

-3

5

-6.665

-3.7375

24.9104375

13.96890625

26/05/2008

39.4

420.5

-33.45

-19.29

5

-37.065

-20.0275

742.3192875

401.1007563

1/4/2008

59.2

521

0

0

5


0

0

0

Trung bình

3.615

0.7375

Tổng

5423.8992

4034.31425


β=(Ri − Ri ) (Rm − Rm )= 1.34

(Rm − Rm )2

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Phân tích và định giá cổ phiếu của các công ty tăng trưởng niêm yết trên thị trường chứng khoán Việt Nam - 13


PHỤ LỤC 1.2: β CỦA CTCP TẬP ĐOÀN HÕA PHÁT HPG


Date


Pi


Pm


Ri


Rm


Rf


Ri- Ri


Rm- Rm


(Ri- Ri )

(Rm- Rm )

(Rm- Rm )2

1/4/2010

64

508.2

4.07

1.03

5

0.612917

0.2925

0.179278125

0.08555625

1/3/2010

61.5

503

-1.6

3.31

5

-5.05708

2.5725

-13.00934688

6.61775625

1/2/2010

62.5

486.9

2.46

-5.82

5

-0.99708

-6.5575

6.538373958

43.00080625



4/1/2010

61

517

-4.69

0.41

5

-8.14708

-0.3275

2.668169792

0.10725625

1/12/2009

64

514.9

-12.93

-8.33

5

-16.3871

-9.0675

148.5898781

82.21955625

2/11/2009

73.5

561.7

6.52

-1.28

5

3.062917

-2.0175

-6.179434375

4.07030625

1/10/2009

69

569

0.73

3.89

5

-2.72708

3.1525

-8.597130208

9.93825625

1/9/2009

68.5

547.7

14.17

13.8

5

10.71292

13.0625

139.937474

170.6289063

5/8/2009

60

481.3

16.5

11.93

5

13.04292

11.1925

145.9828448

125.2720563

1/7/2009

51.5

430

4.25

0.84

5

0.792917

0.1025

0.081273958

0.01050625

1/6/2009

49.4

426.4

19.61

26.68

5

16.15292

25.9425

419.0470406

673.0133063

4/5/2009

41.3

336.6

34.53

16.27

5

31.07292

15.5325

482.6400781

241.2585563

1/4/2009

30.7

289.5

25.82

16.88

5

22.36292

16.1425

360.9933823

260.5803063


2/3/2009


24.4


247.7


-15.57


-16.74


5


-19.0271

- 17.4775


332.545849


305.4630063

2/2/2009

28.9

297.5

-3.34

-5.04

5

-6.79708

-5.7775

39.27014896

33.37950625

2/1/2009

29.9

313.3

6.41

-0.44

5

2.952917

-1.1775

-3.477059375

1.38650625


1/12/2008


28.1


314.7


-6.02


-9.72


5


-9.47708

- 10.4575


99.10659896


109.3593063


3/11/2008


29.9


348.6


-40.32


-23.28


5


-43.7771

-

24.0175


1051.416099


576.8403063


1/10/2008


50.1


454.4


-18.8


-18.14


5


-22.2571

- 18.8775


420.1580906


356.3600063

3/9/2008

61.7

555.1

19.57

24.16

5

16.11292

23.4225

377.4047906

548.6135063

1/8/2008

51.6

447.1

50.44

9.16

5

46.98292

8.4225

395.7136156

70.93850625

1/7/2008

34.3

409.6

5.86

0.42

5

2.402917

-0.3175

-0.762926042

0.10080625

2/6/2008

32.4

407.9

-3.57

-3

5

-7.02708

-3.7375

26.26372396

13.96890625


26/05/2008


33.6


420.5


-21.13


-19.29


5


-24.5871

- 20.0275


492.4178115


401.1007563

1/4/2008

42.6

521

0

0

5

0

0

0

0

Trung bình

3.457083

0.7375

Tổng

4908.928625

4034.31425


β=(Ri − Ri ) (Rm − Rm )= 1.22

(Rm − Rm )2


PHỤ LỤC 1.3: β CỦA CTCP VÀNG BẠC ĐÁ QUÝ PHÖ NHUẬN PNJ


date


Pi


Pm


Ri


Rm


Rf


Ri- Ri


Rm- Rm


(Ri- Ri )

(Rm- Rm )

(Rm- Rm )2

1/4/2010

58.5

508.2

6.36

1.03

5

0.9138462

-4.6615385

-4.259928994

21.72994083

1/3/2010

55

503

0.92

3.31

5

-4.526154

-2.3815385

10.77920947

5.671725444

1/2/2010

54.5

486.9

-10.66

-5.82

5

-16.10615

-11.511538

185.4066095

132.5155178

4/1/2010

61

517

-2.4

0.41

5

-7.846154

-5.2815385

41.43976331

27.89464852

1/12/2009

62.5

514.9

0.81

-8.33

5

-4.636154

-14.021538

65.00600947

196.6035408

2/11/2009

62

561.7

-3.88

-1.28

5

-9.326154

-6.9715385

65.01764024

48.60234852

1/10/2009

64.5

569

-9.79

3.89

5

-15.23615

-1.8015385

27.44851716

3.245540828

1/9/2009

71.5

547.7

18.77

13.8

5

13.323846

8.10846154

108.0358941

65.74714852

5/8/2009

60.2

481.3

24.12

11.93

5

18.673846

6.23846154

116.496071

38.91840237

1/7/2009

48.5

430

-6.73

0.84

5

-12.17615

-4.8515385

59.0730787

23.53742544



1/6/2009

52

426.4

38.67

26.68

5

33.223846

20.9884615

697.3174172

440.5155178

4/5/2009

37.5

336.6

0.54

16.27

5

-4.906154

10.5784615

-51.89955976

111.9038485

1/4/2009

37.3

289.5

14.07

11.26

5

8.6238462

5.56846154

48.02155562

31.00776391

23/03/2009

32.7

260.2

0

0

5

0

0

0

0

Trung bình

5.446

5.6915

Tổng

1367.882277

1147.893369


β=(Ri − Ri ) (Rm − Rm )= 1.19

(Rm − Rm )2


PHỤ LỤC 1.4: β CỦA CTCP KHOAN VÀ DỊCH VỤ DẦU KHÍ PVD


Date


Pi


Pm


Ri


Rm


Rf


Ri- Ri


Rm- Rm


(Ri- Ri ) (Rm-

Rm )


(Rm- Rm )2

1/4/2010

58

508.2

1.75

1.03

5

2.21958333

0.2675

0.593738542

0.07

1/3/2010

57

503

-2.56

3.31

5

-2.0904167

2.5475

-5.325336458

6.49

1/2/2010

58.5

486.9

-17

-5.82

5

-16.550417

-6.5825

108.9431177

43.33

4/1/2010

70.5

517

-20.8

0.41

5

-20.320417

-0.3525

7.162946875

0.12

1/12/2009

89

514.9

1.14

-8.33

5

1.60958333

-9.0925

-14.63513646

82.67

2/11/2009

88

561.7

-7.37

-1.28

5

-6.9004167

-2.0425

14.09410104

4.17

1/10/2009

95

569

0

3.89

5

0.46958333

3.1275

1.468621875

9.78

1/9/2009

95

547.7

20.3

13.8

5

20.7195833

13.0375

270.1315677

169.98

5/8/2009

79

481.3

-1.25

11.93

5

-0.7804167

11.1675

-8.715303125

124.71

1/7/2009

80

430

5.96

0.84

5

6.42958333

0.0775

0.498292708

0.01

1/6/2009

75.5

426.4

4.86

26.68

5

5.32958333

25.9175

138.129476

671.72

4/5/2009

72

336.6

19

16.27

5

19.4795833

15.5075

302.0796385

240.48

1/4/2009

60.5

289.5

9.01

16.88

5

9.47958333

16.1175

152.7871844

259.77

2/3/2009

55.5

247.7

-21.3

-16.7

5

-20.810417

-17.5025

364.2343177

306.34

2/2/2009

70.5

297.5

-13

-5.04

5

-12.490417

-5.8025

72.47564271

33.67

2/1/2009

81

313.3

20.9

-0.44

5

21.3695833

-1.2025

-25.69692396

1.45

1/12/2008

67

314.7

-12.7

-9.72

5

-12.180417

-10.4825

127.6812177

109.88

3/11/2008

76.7

348.6

-18.1

-23.3

5

-17.670417

-24.0425

424.8409927

578.04

1/10/2008

93.7

454.4

-14

-18.1

5

-13.570417

-18.9025

256.514801

357.30

3/9/2008

109

555.1

16.3

24.16

5

16.7995833

23.3975

393.068251

547.44

1/8/2008

93.7

447.1

23.9

9.16

5

24.4095833

8.3975

204.979476

70.52

1/7/2008

75.6

409.6

7.23

0.42

5

7.69958333

-0.3425

-2.637107292

0.12

2/6/2008

70.5

407.9

-25.9

-21.8

5

-25.400417

-22.5125

571.8268802

506.81

5/5/2008

95.1

521.3

12.3

0.06

5

12.7495833

-0.7025

-8.956582292

0.49

1/4/2008

84.7

521

0

0

5

0

0

0

0.00

Trung bình

-0.47

0.763

Tổng

3345.543875

4125.38


β=(Ri − Ri ) (Rm − Rm )= 0.81

(Rm − Rm )2


PHỤ LỤC 1.5: β CỦA CTCP THÉP VIỆT Ý VIS


Date


Pi


Pm


Ri


Rm


Rf


Ri- Ri


Rm- Rm

(Ri- Ri )

(Rm- Rm )

(Rm- Rm )2

1/4/2010

63

508.2

20

1.03

5

14.33

0.27875

3.9944875

0.077701563


1/3/2010


52.5


503

- 42.31


3.31


5


-47.98


2.55875


-122.768825


6.547201563

1/2/2010

91

486.9

5.2

-5.82

5

-0.47

-6.57125

3.0884875

43.18132656

4/1/2010

86.5

517

7.45

0.41

5

1.78

-0.34125

-0.607425

0.116451563


1/12/2009


80.5


514.9

- 32.92


-8.33


5


-38.59


-9.08125


350.4454375


82.46910156

2/11/2009

120

561.7

9.09

-1.28

5

3.42

-2.03125

-6.946875

4.125976563

1/10/2009

110

569

59.42

3.89

5

53.75

3.13875

168.7078125

9.851751563

1/9/2009

69

547.7

28.97

13.8

5

23.3

13.04875

304.035875

170.2698766

5/8/2009

53.5

481.3

79.53

11.93

5

73.86

11.17875

825.662475

124.9644516

1/7/2009

29.8

430

-3.56

0.84

5

-9.23

0.08875

-0.8191625

0.007876563

1/6/2009

30.9

426.4

17.49

26.68

5

11.82

25.92875

306.477825

672.3000766

4/5/2009

26.3

336.6

7.79

16.27

5

2.12

15.51875

32.89975

240.8316016

1/4/2009

24.4

289.5

4.72

16.88

5

-0.95

16.12875

-15.3223125

260.1365766

2/3/2009

23.3

247.7

-6.8

-14.2

5

-12.47

-14.95125

186.4420875

223.5398766

3/2/2009

25

288.7

4.17

-7.85

5

-1.5

-8.60125

12.901875

73.98150156

2/1/2009

24

313.3

2.56

-0.44

5

-3.11

-1.19125

3.7047875

1.419076563

1/12/2008

23.4

314.7

-7.51

-9.72

5

-13.18

-10.47125

138.011075

109.6470766

3/11/2008

25.3

348.6

0.8

-23.28

5

-4.87

-24.03125

117.0321875

577.5009766


1/10/2008


25.1


454.4

- 39.23


-18.14


5


-44.9


-18.89125


848.217125


356.8793266

3/9/2008

41.3

555.1

66.53

24.16

5

60.86

23.40875

1424.656525

547.9695766

1/8/2008

24.8

447.1

25.89

9.16

5

20.22

8.40875

170.024925

70.70707656


1/7/2008


19.7


409.6

- 30.63


0.42


5


-36.3


-0.33125


12.024375


0.109726563


2/6/2008


28.4


407.9

-

19.09


-21.75


5


-24.76


-22.50125


557.13095


506.3062516


5/5/2008


35.1


521.3

- 21.48


0.06


5


-27.15


-0.69125


18.7674375


0.477826563

1/4/2008

44.7

521

0

0

5

0

0

0

0

Trung bình

5.67

0.7513

Tổng

5337.7609

4083.418263


β=(Ri − Ri ) (Rm − Rm )= 1.31

(Rm − Rm )2


PHỤ LỤC 2: ĐỊNH GIÁ CỔ PHIẾU TĂNG TRƯỞNG THEO FCFF


2.1. FPT

2005

2006

2007

2008

2009

Mean

2010

2011

2012

2013

2014

SS

Sales

14,100,792

21,399,751

13,498,891

16,381,840

18,404,026


20,612,509

23,292,135

24,922,585

26,667,166

28,533,867

29,960,561

COGS

13,179,645

20,048,519

11,537,442

13,403,403

14,718,672


16,484,913

18,627,951

19,931,908

21,327,141

22,820,041

23,961,043

Depreciation

53,816

106,819

170,933

239,579

304,050

175,039

175,039

175,039

175,039

175,039

175,039

175,039

SG&A

553,115

793,393

984,941

1,489,925

1,833,436


2,053,448

2,320,397

2,482,824

2,656,622

2,842,586

2,984,715

Other Operating













Expenses

6,634

26,015

28,868

101,853

152,222


0

0

0

0

0

0

Operating Income

307,582

425,005

776,707

1,147,080

1,395,646


1,899,109

2,168,748

2,332,813

2,508,363

2,696,201

2,839,763

NOPAT

221,459

306,004

559,229

825,898

1,004,865


1,367,358

1,561,499

1,679,625

1,806,021

1,941,265

2,044,629

Add: Depreciation

53,816

142,136

106,819

246,629

170,933

486,954

239,579

708,045

304,050

810,070


175,039

597,415

175,039

675,079

175,039

722,335

175,039

772,898

175,039

827,001

175,039

175,039

Less: CAPEX

Less: Change in NWC


867,761

-165,217

182,710

1,414,832


-767,442

278,880

169,688

181,566

194,275

148,482

FCFF


-701,567

408,425

174,722

-915,987


1,712,425

782,579

962,642

1,026,596

1,095,027

1,896,147


NWC

612,586

1,480,347

1,315,130

1,497,840

2,912,672


2,145,230

2,424,109

2,593,797

2,775,363

2,969,638

3,118,120

Change in NWC


867,761

-165,217

182,710

1,414,832

-767,442

278,880

169,688

181,566

194,275

148,482

NWC/Sales

4.3%

6.9%

9.7%

9.1%

15.8%

10.4%

86.9%


COGS/Sales

93.5%

93.7%

85.5%

81.8%

80.0%

SG&A/Sales

3.9%

3.7%

7.3%

9.1%

10.0%


capex/sales

0.01

0.01

0.04

0.04

0.04

0.03

0.12


%sales


0.52

-0.37

0.21

0.12


Tax

28.00%

Growth in Sales 2010

12.00%

Growth in Sales 2011

13.00%

Growth in Sales 2012-2014

10.00%

Steady State Growth

5.00%

Rwacc

12.63%

Ri

16.95%

Terminal Value

27,143,518.01

PV of Terminal Value

14,975,995.96

PVFCF(2010-2014)

4,016,156.57

Enterprise Value

18,992,152.53

Value of Debt

6,677,493.00

Value of Equity

12,314,659.53

Value of Equity(end march 2010)

12,686,327.84



kd

6.50%

Volume

140,976,214

Stock Value

88934


2.2. HPG

2005

2006

2007

2008

2009

Mean

2010

2011

2012

2013

2014

SS

Sales

909,008

1,318,883

5,642,934

8,364,805

8,115,093


10,549,621

12,132,064

13,345,270

14,679,797

16,147,777

16,955,166

COGS

893,694

1,192,355

4,676,412

7,106,496

6,139,385


7,981,201

9,178,381

10,096,219

11,105,840

12,216,425

12,827,246

Depreciation

4,000

6,000

116,292

176,801

194,000

99,419

99,419

99,419

99,419

99,419

99,419

99,419

SG&A

10,042

10,492

195,724

244,868

309,255


402,032

462,336

508,570

559,427

615,370

646,138

Other Operating













Expenses

671

904

23,791

9,650

15,447


0

0

0

0

0

0

Operating Income

601

109,132

630,715

826,990

1,457,006


2,066,970

2,391,929

2,641,063

2,915,112

3,216,565

3,382,364

NOPAT

433

78,575

454,115

595,433

1,049,044


1,488,219

1,722,189

1,901,566

2,098,880

2,315,926

2,435,302

Add: Depreciation

4,000

9,504

6,000

505

116,292

179,139

176,801

463,641

194,000

1,458,005


99,419

585,878

99,419

673,760

99,419

741,136

99,419

815,250

99,419

896,775

99,419

99,419

Less: CAPEX

Less: Change in NWC


83,547

1,858,315

725,552

-1,720,381


1,118,946

298,686

228,993

251,892

277,081

152,395

FCFF


523

-1,467,047

-416,959

1,505,420


-117,187

849,161

1,030,855

1,131,157

1,241,489

2,282,907


NWC

-74,736

8,811

1,867,126

2,592,678

872,297


1,991,243

2,289,929

2,518,922

2,770,814

3,047,896

3,200,291


Change in NWC


83,547

1,858,315

725,552

-1,720,381


1,118,946

298,686

228,993

251,892

277,081

152,395

NWC/Sales

-8.2%

0.7%

33.1%

31.0%

10.7%

18.9%







COGS/Sales

98.3%

90.4%

82.9%

85.0%

75.7%

86.4%







SG&A/Sales

1.1%

0.8%

3.5%

2.9%

3.8%


capex/sales

0.01

0.00

0.03

0.06

0.18

0.06

1.05


%sales


0.45

3.28

0.48

-0.03


Tax

28.00%

Growth in Sales 2010

30.00%

Growth in Sales 2011

15.00%

Growth in Sales 2012-

2014

8.00%

Terminal Value

26,206,577.43

PV of Terminal Value

14,080,003.72

PVFCF(2010-2014)

2,634,522.87

Enterprise Value

16,714,526.59

Value of Debt

5,100,399.00



Steady State Growth

5.00%

Rwacc

13.23%

Ri

15.88%

kd

6.50%

Value of Equity

11,614,127.59

Value of Equity(end march

2010)

11,980,555.89

Volume

196,363,998

Stock Value

61012


2.3.PNJ

2005

2006

2007

2008

2009

Mean

2010

2011

2012

2013

2014

SS

Sales

1,246,450

1,788,790

2,379,635

4,178,849

10,205,792


15,308,688

19,901,294

23,284,514

27,242,882

31,874,172

33,467,880

COGS

1,137,161

1,618,937

2,177,500

3,828,809

9,711,358


14,567,037

18,937,148

22,156,463

25,923,062

30,329,983

31,846,482

Depreciation

2,000

6832

7,719

36056

12,037

12,929

12,929

12,929

12,929

12,929

12,929

12,929

SG&A

61,594

86,207

108,374

187,437

242,384


363,576

472,649

552,999

647,009

757,000

794,850

Other Operating













Expenses

475

475

148

922

860


0

0

0

0

0

0

Operating Income

45,220

76,339

85,894

125,625

239,153


365,146

478,569

562,123

659,882

774,260

813,619

NOPAT

32,558

54,964

61,844

90,450

172,190


262,905

344,569

404,729

475,115

557,467

585,806

Add: Depreciation

2,000

7,293

6,832

9,163

7,719

16,165

36,056

300,793

12,037

3,053


12,929

30,520

12,929

30,520

12,929

30,520

12,929

30,520

12,929

30,520

12,929

30,520

Less: CAPEX

Less: Change in NWC


-36,673

592,565

-376,127

-3,422


726,305

260,121

191,622

224,198

262,312

30,520

FCFF


89,306

-539,167

201,840

184,596


-480,991

66,858

195,515

233,326

277,564

537,695


NWC

-35,580

-72,253

520,312

144,185

140,763


867,068

1,127,189

1,318,811

1,543,009

1,805,320

1,895,586

Change in NWC


-36,673

592,565

-376,127

-3,422

726,305

260,121

191,622

224,198

262,312

90,266

NWC/Sales

-2.9%

-4.0%

21.9%

3.5%

1.4%

5.7%

92.0%


COGS/Sales

91.2%

90.5%

91.5%

91.6%

95.2%

SG&A/Sales

4.9%

4.8%

4.6%

4.5%

2.4%


capex/sales

0.01

0.01

0.01

0.07

0.00

0.02

0.74


%sales


0.44

0.33

0.76

1.44


Tax

28.00%

Growth in Sales 2010

50.00%

Terminal Value

6,704,422.91

PV of Terminal Value

3,635,673.60



Growth in Sales 2011

30.00%

Growth in Sales 2012-

2014

17.00%

Steady State Growth

5.00%

Rwacc

13.02%

Ri

15.61%

kd

6.50%

PVFCF(2010-2014)

55,709.77

Enterprise Value

3,691,383.37

Value of Debt

1,127,341.00

Value of Equity

2,564,042.37

Value of Equity(end march

2010)

2,643,711.28

Volume

39,999,921

Stock Value

66093



2.4.PVD

2005

2006

2007

2008

2009

Mean

2010

2011

2012

2013

2014

SS

Sales

1,071,501

1,348,770

2,738,605

3,728,746

4,096,781


5,325,815

6,124,688

6,920,897

7,820,614

8,837,293

9,279,158

COGS

976,101

1,152,589

2,031,930

2,520,351

2,848,638


3,703,229

4,258,714

4,812,347

5,437,952

6,144,885

6,452,130

Depreciation

31823

78,224

145,302

184,828

193,773

126,790

126,790

126,790

126,790

126,790

126,790

126,790

SG&A

30,350

40,369

111,024

236,203

263,995


343,194

394,673

445,980

503,957

569,472

597,945

Other Operating













Expenses

1,126

138

1,804

21,784

112,881


0

0

0

0

0

0

Operating Income

32,101

77,450

448,545

765,580

677,494


1,152,602

1,344,511

1,535,780

1,751,915

1,996,146

2,102,293

NOPAT

23,113

55,764

322,952

551,218

487,796


829,874

968,048

1,105,762

1,261,378

1,437,225

1,513,651

Add: Depreciation

31,823

78,224

145,302

184,828

193,773


126,790

126,790

126,790

126,790

126,790

126,790

Less: CAPEX

715,666

1,123,930

1,495,497

3,424,336

2,164,702


126,790

126,790

126,790

126,790

126,790

126,790

Less: Change in NWC


-115,666

994,181

-2,825,176

1,739,264


-103,594

-28,657

-28,561

-32,274

-36,470

-15,850


FCFF



-874,276


-2,021,424


136,886

- 3,222,397



933,468


996,705


1,134,323


1,293,653


1,473,695


1,529,501


NWC

119,946

4,280

998,461

-1,826,715

-87,451


-191,045

-219,702

-248,263

-280,538

-317,007

-332,858

Change in NWC


-115,666

994,181

-2,825,176

1,739,264


-103,594

-28,657

-28,561

-32,274

-36,470

-15,850

NWC/Sales

11.2%

91.1%

0.3%

85.5%

36.5%

74.2%

-49.0%

67.6%

-2.1%

69.5%

-3.6%

77.6%


COGS/Sales

SG&A/Sales

2.8%

3.0%

4.1%

6.3%

6.4%








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