Valuation Project

project_file4_projection_template_wgo.xls

Sheet1


	Actual	Actual	Actual	Projected	Projected	Projected	Projected	Projected		Assumptions
	2004	2005	2006	2007	2008	2009	2010	2011	2012	Cost of Capital
										Risk free rate	3.5%
Sales	1,114,154	991,974	864,403	985,419						Market risk premium	7.0%
Variable Costs	942,357	844,998	748,867	827,752						Beta	2.01
Gross Profit	171,797	146,976	115,536	157,667						Required Return on Equity
Fixed Costs	51,371	38,723	41,803	38,431
Depreciation expense	9,628	9,999	10,635	12,124						Sales Growth through 2011	14.0%
Financial Income	1,436	2,635	5,097	- 0
Pre Tax Income	112,234	100,889	68,195	107,112						Depreciation and
Income Taxes	41,593	35,817	23,451	37,489						PP&E growth	14.0%
Net Income	70,641	65,072	44,744	69,623
										Var. Cost as % of Sales	84.0%
+ Depreciation										Fixed Cost as % of Sales	4.0%
Operating Cash Flow										WC as % of sales	4.0%
Net Investment in Net Working Capital	$716	$ (33,294)	$ 10,431							Tax rate	35%
New Investment in Fixed Assets	$ (10,588)	$ (9,653)	$ (4,830)	$ (8,000)
										Constant Growth in 2012	7.0%
Total Cashflow
										Shares outstanding
Net Working Capital	$164,175	$197,469	$187,038							(1000s)	31,143
		Total Cashflows by Year From Above
		Discount Factors
		PV of Cashflows
		Total Market Value of Equity
		# of Shares Outstanding	31,143
		Price per Share	$0.00