Introduction

UVA-S-F-1210.XLS version 2.0

This spreadsheet supports STUDENT analysis of the case,

"Paginas Amarelas" (UVA -F-1210 v. 2.0).

Please note:

1) This is a working model. Assumptions / Inputs presented

can be changed to vary the results.

2) As long as default spreadsheet calculation is "automatic"

the impact of changing assumptions will be computed in real
time. If calculation is set as "manual" you should press the F9
function key to recalculate results.
To set numerical calculation settings to automatic look under
tools, options, calculations menu.

Revised: December 14, 2001.

Copyright © 1998 by the Trustees of the University of Virginia Darden School Foundation.

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 Exh. 2 to 4

Sensitivity Table Assumptions

WACC G
A 10.0% 0.0%
B 10.0% 0.0%
C 10.0% 0.0%

Exhibits 2-4
Analysis of Sensitivity of DCF to
Variations in WACC and Growth Rate in Perpetuity

Argentina - Free Cash Flow (in 000's USD)

1997 1998 1999 2000 2001 2002 2003 2004

$6,930 $7,117 $7,331 $7,617 $7,990 $8,462 $8,816 $9,169

Argentina - DCF Sensitivity Analysis (in 000's USD)

Nominal Growth Rate in Perpetuity
1% 3% 5% 6% 7% 9%
10.0% $89,434 $104,371 $131,258 $154,785 $193,995 $507,677
11.0% $80,074 $91,115 $109,516 $124,238 $146,320 $256,730
12.0% $72,435 $80,814 $93,981 $103,856 $117,682 $172,984
13.0% $66,086 $72,582 $82,325 $89,285 $98,565 $131,043
W 14.0% $60,729 $65,854 $73,256 $78,346 $84,889 $105,828
A 15.0% $56,149 $60,253 $65,998 $69,828 $74,616 $88,978
C 16.0% $52,192 $55,520 $60,057 $63,006 $66,611 $76,911
C 17.0% $48,739 $51,467 $55,104 $57,419 $60,196 $67,834
18.0% $45,701 $47,959 $50,911 $52,756 $54,937 $60,752
19.0% $43,009 $44,893 $47,316 $48,806 $50,546 $55,068
20.0% $40,606 $42,191 $44,198 $45,417 $46,823 $50,401
21.0% $38,451 $39,792 $41,469 $42,475 $43,625 $46,499
22.0% $36,506 $37,648 $39,060 $39,898 $40,847 $43,185
23.0% $34,742 $35,721 $36,917 $37,620 $38,412 $40,334
24.0% $33,137 $33,979 $34,999 $35,594 $36,259 $37,854
25.0% $31,670 $32,398 $33,272 $33,778 $34,340 $35,676

Brazil - Free Cash Flow (in 000's USD)

1997 1998 1999 2000 2001 2002 2003 2004

$10,920 $11,215 $11,551 $12,002 $12,591 $13,334 $13,893 $14,448

Brazil - DCF Sensitivity Analysis (in 000's USD)

Nominal Growth Rate in Perpetuity

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 Exh. 2 to 4

1% 3% 5% 6% 7% 9%
10.0% $140,927 $164,464 $206,831 $243,903 $305,689 $799,975
11.0% $126,176 $143,574 $172,571 $195,768 $230,564 $404,544
12.0% $114,139 $127,343 $148,091 $163,652 $185,438 $272,581
13.0% $104,135 $114,371 $129,725 $140,692 $155,314 $206,493
W 14.0% $95,694 $103,769 $115,434 $123,454 $133,765 $166,759
A 15.0% $88,478 $94,944 $103,997 $110,032 $117,576 $140,208
C 16.0% $82,242 $87,485 $94,635 $99,283 $104,963 $121,193
C 17.0% $76,801 $81,100 $86,831 $90,478 $94,854 $106,890
18.0% $72,014 $75,572 $80,224 $83,131 $86,567 $95,730
19.0% $67,771 $70,740 $74,558 $76,907 $79,648 $86,774
20.0% $63,986 $66,483 $69,645 $71,565 $73,781 $79,421
21.0% $60,589 $62,703 $65,345 $66,930 $68,742 $73,271
22.0% $57,524 $59,324 $61,548 $62,869 $64,365 $68,049
23.0% $54,746 $56,288 $58,172 $59,281 $60,528 $63,557
24.0% $52,216 $53,543 $55,150 $56,087 $57,135 $59,649
25.0% $49,904 $51,051 $52,429 $53,226 $54,112 $56,216

Chile - Free Cash Flow (in 000's USD)

1997 1998 1999 2000 2001 2002 2003 2004

$3,150 $3,235 $3,332 $3,462 $3,632 $3,846 $4,007 $4,168

Chile - DCF Sensitivity Analysis (in 000's USD)

Growth Rate in Perpetuity
1% 3% 4% 5% 6% 7%
8.0% $52,855 $66,752 $78,911 $99,176 $139,708 $261,301
9.0% $45,984 $55,483 $63,083 $74,483 $93,482 $131,481
10.0% $40,652 $47,442 $52,534 $59,663 $70,357 $88,179
11.0% $36,397 $41,416 $45,000 $49,780 $56,472 $66,509
W 12.0% $32,925 $36,734 $39,352 $42,719 $47,207 $53,492
A 13.0% $30,039 $32,992 $34,960 $37,421 $40,584 $44,802
C 14.0% $27,604 $29,933 $31,448 $33,298 $35,612 $38,586
C 15.0% $25,522 $27,388 $28,575 $29,999 $31,740 $33,916
16.0% $23,724 $25,236 $26,181 $27,299 $28,639 $30,278
17.0% $22,154 $23,394 $24,157 $25,047 $26,099 $27,362
18.0% $20,773 $21,800 $22,423 $23,141 $23,980 $24,971
19.0% $19,549 $20,406 $20,920 $21,507 $22,185 $22,975
20.0% $18,457 $19,178 $19,605 $20,090 $20,644 $21,283
21.0% $17,478 $18,087 $18,446 $18,849 $19,307 $19,829
22.0% $16,593 $17,113 $17,416 $17,754 $18,135 $18,567
23.0% $15,792 $16,237 $16,494 $16,780 $17,100 $17,460

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 Exh. 2 to 4

Terminal Value
$ 91,692

Terminal Value
$ 144,484

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 Exh. 2 to 4

Terminal Value
$ 41,678

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