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Copper

The document presents financial projections for Nicolson's Financials both on a standalone basis and on a pro forma basis incorporating a merger. It includes projections for income statements, cash flow statements, and valuation metrics like free cash flow, WACC, and equity value per share for the years 1967-1976. The projections show declining standalone performance but improved pro forma profits, cash flows, and valuation after incorporating the merger.

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Chip choi
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35 views4 pages

Copper

The document presents financial projections for Nicolson's Financials both on a standalone basis and on a pro forma basis incorporating a merger. It includes projections for income statements, cash flow statements, and valuation metrics like free cash flow, WACC, and equity value per share for the years 1967-1976. The projections show declining standalone performance but improved pro forma profits, cash flows, and valuation after incorporating the merger.

Uploaded by

Chip choi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1

Nicolson's Financials
(All units are in US$ millions, except otherwise noted)
Pre-Merger Standalo
1967A 1968A 1969A 1970A 1971A 1972E
Cash Flow Statement
Net Income 1.4 1.1
Depreciation 2.1 2.1
Change in Working Capital (0.5)
Cash Flow from Operation 2.7
Capex (2.2)
Cash Flow from Operation (2.2)
Dividends (0.9) (0.9)
Change in Debt 0.0
Cash Flow from Financing (0.9)
Net Change in Cash (0.4)
Free Cash Flow
EBIT 3.0 2.8
Tax Rate 33.2% 40.0%
EBIT after Tax 2.0 1.7
Depreciation 2.1 2.1
Capex (2.2)
Change in net working capital (0.5)
Free Cash Flow 1.1
Valuation
Cost of Equity 11.8%
Cost of Debt 6.7%
WACC 9.6%
Discount Factor 0.912
PV of FCF 1.0
PV of Terminal Value
Enterprise Value 10.7
Net Debt 11.0
Equity value (0.3)
Shares Outstanding (000s) 584.0
Equity Value per Share (0.5)

Shares Outstanding 584 584 584 584 584 584

Earnings per share 45.66 48.03 49.31 50.20 51.25

Dividends per share 1.6 1.6 1.6 1.6 1.6 1.6


Market price - High 46 48 41 33 32
Market price - Low 33 35 29 25 23
Average Market cap 23 24 20 17 16

Price/earnings ratio 14 30 14 13 14
10 21 10 9 10
2 3 4 5 1 2 3 4 5

Standalone Pro Forma


1973E 1974E 1975E 1976E 1972E 1973E 1974E 1975E 1976E

1.2 1.2 1.3 1.3 3.8 4.1 4.4 4.8 5.2


2.1 2.1 2.2 2.2 2.1 2.1 2.1 2.2 2.2
(0.5) (0.5) (0.5) (0.5) (1.4) (1.5) (1.6) (1.7) (1.8)
2.8 2.8 2.9 3.0 4.4 4.7 5.0 5.2 5.6
(2.2) (2.3) (2.3) (2.4) (2.2) (2.2) (2.3) (2.3) (2.4)
(2.2) (2.3) (2.3) (2.4) (2.2) (2.2) (2.3) (2.3) (2.4)
(0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9)
(0.4) (0.4) (0.4) (0.4) 1.3 1.5 1.7 2.0 2.2

2.9 3.0 3.1 3.2 7.3 7.8 8.4 9.0 9.7


40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
1.8 1.8 1.9 1.9 4.4 4.7 5.0 5.4 5.8
2.1 2.1 2.2 2.2 2.1 2.1 2.1 2.2 2.2
(2.2) (2.3) (2.3) (2.4) (2.2) (2.2) (2.3) (2.3) (2.4)
(0.5) (0.5) (0.5) (0.5) (1.4) (1.5) (1.6) (1.7) (1.8)
1.1 1.1 1.2 1.2 2.8 3.0 3.3 3.5 3.8

0.832 0.759 0.693 0.632 0.912 0.832 0.759 0.693 0.632


0.9 0.9 0.8 0.7 2.6 2.5 2.5 2.4 2.4
6.3 44.2
56.6
11.0
45.6
584.0
78.1

584 584 584 584 584 584 584 584 584

1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6


-44 53.1
$7.40 2.9%

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