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Appendix: Revenue and EBITDA Forecast
Appendix: Revenue and EBITDA Forecast
APPENDIX
Revenue and EBITDA Forecast
Net Working Capital (1,431) (1,056) (1,131) (1,301) (1,483) (1,574) (1,574)
% of Revenue -27.4% -27.4% -27.4% -27.4% -27.4% -27.4% -27.4%
1
Total Current Assets NA 1,360 NA 2,206 2,487 3,043
(-) Cash and Short Term NA (877) (877) (1,587) (1,807) (2,350)
Invest.
(-) Total Current Liab. NA (1,009) NA (1,900) (1,987) (2,349)
(+) Current Portion of Debt 0 86 0 111 143 137
Net Working Capital 0 (440) (877) (1,171) (1,164) (1,519)
% of LTM Revenue NA NA -26.7% -29.3% -24.5% -29.1%
Last Four Quarter Average -27.4%
NWC Investment 0
LTM Revenue 3,286 4,000 4,753 5,225
2
Selected Perpetuity Growth 3,068 0.00% 0.00% 0.50%
Rate
Benchmarks
Company LTM EBITDA 3.9x 3.9x 3.9x
Multiple
Benchmark LTM EBITDA 1.7x 10.4x 26.4x
Multiple
Historical LTM EBITDA 3.9x 11.7x 36.9x
Multiple
Free Cash Flow 2,864 1,100 1,670 2,109 3,508 3,159 3,068
% Growth -62% 52% 26% 66% -10% -3%
Discounting Periods
3
Balance Sheet End Date 12/31/20 12/31/2 12/31/2 12/31/2 12/31/2
22 023 024 025 026
Mid-Year Convention 7/1/2022 7/1/202 7/1/202 7/1/202 7/1/202
3 4 5 6
Discounting Factors
4
Equity Waterfall
Historical Financials
R&D Expense 0 0 0 0 0 0
SG&A Expense (192) (265) (314) (371) (558) (558)
Other Expenses / (Income) 21 34 (12) (2) (14) (14)
Total Expenses (171) (231) (326) (373) (572) (572)
5
(+) Goodwill Impairment 0 0 0 0 0 0
(+) Gain (Loss) On Sale Of 0 0 0 0 0 0
Invest.
(+) Gain (Loss) On Sale Of 0 (0) (1) (0) (0) (0)
Assets
(+) Asset Writedown 0 0 0 0 0 0
(+) In Process R&D Expenses 0 0 0 0 0 0
(+) Insurance Settlements 0 0 0 0 0 0
(+) Legal Settlements 0 0 0 0 0 0
(+) Other Unusual Items 0 (4) (4) (15) 7 7
Adjusted EBITDA 598 756 889 1,104 2,414 2,414
% Margin 39.5% 39.3% 39.9% 41.6% 46.2% 46.2%
Balance Sheet
Short-term Borrowings NA NA NA NA NA NA
Current Portion of LT Debt NA 25 NA 26 33 22
Capital Leases, Current NA 61 NA 85 109 115
Other Liabilities
6
(+) Minority Interest 177 212 212
(+) Other 0 0 0
Other Liabilities 177 212 212
Misc Adjustments
EV / LTM EBITDA
Min Max Average Median Valid?
7
Stock Price Close 0.97
Restatment Type Press
Release
Reporting Currency EGP
Trading Currency USD
FX Rate: EGP/USD 18.63
Market Cap 580.2
Shares Outstanding 600.0
Share Exchange Ratio 1.00
Liquid Long-term 0
Investments