MIKOLO HAIRCUTS

Sector: HAIR CARE/ MANUFACTURING

Equity Investment 100,000,000.00

DCF Valuation 32,203,118,949.87
Comps Valuation

Income Statemnet 2019

Revenue 1,380,000,000.00
COS 286,000,000.00
Operating Expenses 31,500,000.00
Opearing Profit 1,051,959,523.81
Net Profit 749,580,079.65

Balance Sheet
Fixed Asstes 86,769,047.62
Current Assets 884,884,251.08
Non-current Liabilities 60,000,000.00
Current Liabilities 9,402,739.73
Equities 849,831,602.71

Cashflow
Cashflow from Operating Activities 678,544,545.12
Cashflow from Investing Actiities (11,630,838.60)
Cashflow from Financing Activities 3,869,161.40
Net Cashflow 670,782,867.93
Unievered Free Cashflow 665,413,706.52

Finance Ratio
Gross profit margin 79%
Operating profit margin 96%
Net Margin 54%
Times Intrest Earned 210.391904761905
Current Ration 94.1091933690816
Debt/Equity Ratio 60000000.0110642
Return on Assets (ROA) 77%
Return on Equity (ROE) 88%
 Currently running scenerio: Conservative

2020 2021 2022 2023

1,407,500,000.00 1,732,500,000.00 2,855,000,000.00 10,955,000,000.00
311,000,000.00 376,000,000.00 706,000,000.00 926,000,000.00
31,500,000.00 31,500,000.00 31,500,000.00 31,500,000.00
1,053,447,023.81 1,310,422,023.81 2,101,959,523.81 9,983,024,523.81
777,603,106.80 993,706,235.77 1,602,749,551.92 7,295,013,740.40

80,166,071.43 90,588,095.24 79,797,619.05 66,122,142.86

1,717,882,973.58 2,933,518,039.94 4,897,097,908.26 13,367,766,970.16
40,000,000.00 20,000,000.00 - -
12,780,821.92 20,602,739.73 38,684,931.51 50,739,726.03
1,627,434,709.51 2,750,511,568.86 4,513,536,075.98 12,538,051,190.41

733,153,854.43 890,030,008.54 1,387,367,608.86 6,499,832,663.12

56,464,557.33 87,158,313.01 184,932,693.23 438,623,676.75
41,414,557.33 221,528,936.59 329,957,648.42 1,148,925,050.79
831,032,969.08 1,198,717,258.14 1,902,257,950.51 8,087,381,390.67
788,418,411.75 976,288,321.55 1,571,700,302.09 6,938,156,339.87

78% 78% 75% 92%

96% 97% 98% 100%
55% 57% 56% 67%
263.361755952381 436.807341269841 1050.97976190476 9983.02452380952
 134.41099364589 142.384851672737 126.589287288493 263.457610372958
40000000.0078534 20000000.0074905 0.00857087012392497 0.004046859057826
43% 33% 32% 54%
48% 36% 36% 58%
 Last updated 1 April 2020

2024
MIKOLO HAIRCUTS Currently running scenerio: Conservativ

Table of Contenet
1 Model Input and Financial Plan
2 Directors and Staff Cost
3 Scenaios
4 Revenue Schedule
5 Cost of Sales Schedule
6 Working Capital Schedule
7 Depreciation Schedule
8 Debt Schedule
9 Equity Schedule
10 Tax Schedule
11 Income Statement
12 Balance Sheet
13 Cashflow Statement
14 DCF Valuation
15 Financial Ratio & Charts
running scenerio: Conservative Last updated 1 April 2020
MIKOLO HAIRCUTS

Model Input and Financial Plans

Clipper
Volume/Units/Weight
Unit Price NGN
Unit Cost NGN

After Shave
Volume/Units/Weight
Unit Price NGN
Unit Cost NGN

Neck Cover
Volume/Units/Weight
Unit Price NGN
Unit Cost NGN

Other Kits
Volume/Unit/Weight
Unit Price NGN
Unit Cost NGN

General and Admin Expenses

Consulting and Professional fee NGN
Directors Fees NGN
Fuel and Maintainance NGN
Insurance (Vehicles) NGN
Insurance(General) NGN
Lease and Rentals NGN
Legal Fees NGN
Business Development Expenses NGN
Office Expenses NGN
Regulatory and Permit NGN
Software and Licenses NGN
Staff Cost NGN
Subscription NGN
Training NGN
Travle NGN
Untilities NGN
Others

Marketing Expenses
 Advertising NGN
Public Relations NGN
Event Sponsorships/Trade Fairs /Exhibitions NGN
Others NGN

Research and Development

R&D

Tax
Tax Rate

Loan 1: Stanbic IBTC

Loan - Opening Value NGN
Additions
(Repayments) NGN
(Intrerest) NGN
Effective Rate %
Duration Years

Laon 2: Polaris Bank

Loan - Opening Value NGN
Additons
(Repayments) NGN
(Interest) NGN
Effective Rate %
Duration Years

Loan 3: First Bank

Laon - Opening Value NGN
Addtions
(Repayments) NGN
(Interest Expense) NGN
Effective Rate %
Duration Years

Bank Overdraft term

Effective Rate %

Cash Interest Rate %

Equity
Common Shares Insurance/ (Buy-Back) NGN
 Common Shares Dividend payout rate %
Preference Shares issuance/( Buy - Back) NGN
Preference Shares Dividend Yield %

Capital Expenditure Salage Value

Buildings 35 Years 0
Plant and Mechinery 15 Years 0
Vehicle 5 Years 0
Office Furniture 5 Years 0
Equipment (IT ect) 4 Years 0
Patents, Right and other Intangible 5 Years 0

Working Capital Days

Days Sales Outstanding days
Day Payable Outstanding days
Days Inventory Outstanding days
Days in Other Current Assets days
Days in Other Current Laibilities days
Currently running scenerio: Conservative

2016 2017 2018 2019 2020

100,000.00 100,000.00
1,000.00 1,000.00
300.00 300.00

500,000.00 500,000.00
2,500.00 2,550.00
500.00 550.00

50,000.00 50,000.00
500.00 550.00
100.00 100.00

10,000.00 10,000.00
500.00 500.00
100.00 100.00

500,000.00 500,000.00
5,000,000.00 5,000,000.00
100,000.00 100,000.00
1,000,000.00 1,000,000.00
1,200,000.00 1,200,000.00
400,000.00 400,000.00
300,000.00 300,000.00
250,000.00 250,000.00
150,000.00 150,000.00
50,000.00 50,000.00
50,000.00 50,000.00
10,500,000.00 10,500,000.00
1,500,000.00 1,500,000.00
2,000,000.00 2,000,000.00
2,500,000.00 2,500,000.00
500,000.00 500,000.00
1,000,000.00 1,000,000.00
27,000,000.00 27,000,000.00
 2,000,000.00 2,000,000.00
1,000,000.00 1,000,000.00
500,000.00 500,000.00
1,000,000.00 1,000,000.00
4,500,000.00 4,500,000.00

- -

30% 30% 30% 30% 30%

- 100,000,000.00 80,000,000.00
100,000,000.00
(20,000,000.00) (20,000,000.00)
(5,000,000.00) (4,000,000.00)
5%
5

15% 15% 15% 15% 15%

5% 5% 5% 5% 5%

100,000,000.00
 0% 0% 0%

0% 0% 0%

Salage Value
30,000,000.00
35,000,000.00
20,000,000.00
10,000,000.00 4,500,000.00
5,000,000.00 450,000.00
500,000.00

15 15 15
12 12 15
10 10 10
2 2 2
2 2 2
Last updated 1 April 2020 >>Table of contenet

2021 2022 2023

150,000.00 250,000.00 300,000.00

1,500.00 2,000.00 25,000.00
350.00 500.00 500.00

550,000.00 550,000.00 700,000.00

2,550.00 4,000.00 4,500.00
550.00 1,000.00 1,000.00

100,000.00 150,000.00 150,000.00

1,000.00 1,000.00 2,000.00
200.00 200.00 500.00

10,000.00 10,000.00 10,000.00

500.00 500.00 500.00
100.00 100.00 100.00

500,000.00 500,000.00 500,000.00

5,000,000.00 5,000,000.00 5,000,000.00
100,000.00 100,000.00 100,000.00
1,000,000.00 1,000,000.00 1,000,000.00
1,200,000.00 1,200,000.00 1,200,000.00
400,000.00 400,000.00 400,000.00
300,000.00 300,000.00 300,000.00
250,000.00 250,000.00 250,000.00
150,000.00 150,000.00 150,000.00
50,000.00 50,000.00 50,000.00
50,000.00 50,000.00 50,000.00
10,500,000.00 10,500,000.00 10,500,000.00
1,500,000.00 1,500,000.00 1,500,000.00
2,000,000.00 2,000,000.00 2,000,000.00
2,500,000.00 2,500,000.00 2,500,000.00
500,000.00 500,000.00 500,000.00
1,000,000.00 1,000,000.00 1,000,000.00
27,000,000.00 27,000,000.00 27,000,000.00
 2,000,000.00 2,000,000.00 2,000,000.00
1,000,000.00 1,000,000.00 1,000,000.00
500,000.00 500,000.00 500,000.00
1,000,000.00 1,000,000.00 1,000,000.00
4,500,000.00 4,500,000.00 4,500,000.00

- - -

30% 30% 30%

60,000,000.00 40,000,000.00 20,000,000.00

(20,000,000.00) (20,000,000.00) (20,000,000.00)

(3,000,000.00) (2,000,000.00) (1,000,000.00)

15% 15% 15%

5% 5% 5%
 10% 10% 10%
30,000,000.00
0% 0% 0%

15,000,000.00
5,000,000.00
4,500,000.00 4,500,000.00
500,000.00 250,000.00 500,000.00
300,000.00

15 15 15
20 20 20
10 10 10
2 2 2
2 2 2
MIKOLO HAIRCUTS

Directors and Staffs Cost Schedule

Directors Fees NGN

Staff Cost NGN

Role Count Gross Income/Yr

Directors (cat1) 1 2,000,000.00
Directors (cat2) 5 1,000,000.00
CEO 1 5,000,000.00
Finanace Director 1 2,250,000.00
CTO 1 1,500,000.00
Production Managers 1 1,250,000.00
QA/QC Officers 2 1,000,000.00
Business Development Manager 1 2,000,000.00
Designer 1 2,800,000.00
Customer Service Manager 1 2,000,000.00
Marketing Officer 1 3,000,000.00
Security Officer 2 2,500,000.00
 Currently running scenerio: Conse Last updated 1 April 2020

2016 2017 2018 2019 2020 2021 2022

5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00

10,500,000.00 10,500,000.00 10,500,000.00 ###

Income/Yr
2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00
5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00
5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00
2,250,000.00 2,250,000.00 2,250,000.00 2,250,000.00
1,500,000.00 1,500,000.00 1,500,000.00 1,500,000.00
1,250,000.00 1,250,000.00 1,250,000.00 1,250,000.00
2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00
2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00
2,800,000.00 2,800,000.00 2,800,000.00 2,800,000.00
2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00
3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00
5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00
>>Table of contenet

2023

5,000,000.00
###

2,000,000.00
5,000,000.00
5,000,000.00
2,250,000.00
1,500,000.00
1,250,000.00
2,000,000.00
2,000,000.00
2,800,000.00
2,000,000.00
3,000,000.00
5,000,000.00
MIKOLO HAIRCUTS

Scenerios
Select Scenerios: Conservative

Clipper
Volume/Units/Weight
Optimistic Units 1.5* the Conservative
Conservative Units From Model Input
Pessimistic Units 0.9* the Conservative

Unit Price
Optimistic NGN 1.5* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 0.9* the Conservative

Unit Cost
Optimistic NGN 0.9* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 1.5* the Conservative

After Shave
Volume/Units/Weight
Optimistic Units 1.5* the Conservative
Conservative Units From Model Input
Pessimistic Units 0.9* the Conservative

Unit Price
Optimistic NGN 1.5* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 0.9* the Conservative

Unit Cost
Optimistic NGN 0.9* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 1.5* the Conservative

Neck Cover
Volume/Units/Weight
Optimistic Units 1.5* the Conservative
Conservative Units From Model Input
Pessimistic Units 0.9* the Conservative
 Unit Price
Optimistic NGN 1.5* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 0.9* the Conservative

Unit Cost
Optimistic NGN 0.9* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 1.5* the Conservative

Other Kits
Volume/Units/Weight
Optimistic Units 1.5* the Conservative
Conservative Units From Model Input
Pessimistic Units 0.9* the Conservative

Unit Price
Optimistic NGN 1.5* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 0.9* the Conservative

Unit Cost
Optimistic NGN 0.9* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 1.5* the Conservative

General and Admin Expenses

G&A Expenses
Optimistic NGN 1.5* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 0.9* the Conservative

Marketing Expenses
M&K Expenses
Optimistic NGN 1.5* the Conservative
Conservative NGN From Model Input
Pessimistic NGN 0.9* the Conservative
Currently running scenerio: Conservative Last updated 1 April 2020

2016 2017 2018 2019 2020 2021

- - - 100,000.00 100,000.00 150,000.00

150,000.00 150,000.00 225,000.00
100,000.00 100,000.00 150,000.00
90,000.00 90,000.00 135,000.00

- - - 1,000.00 1,000.00 1,500.00

1,500.00 1,500.00 2,250.00
1,000.00 1,000.00 1,500.00
900.00 900.00 1,350.00

- - - 300.00 300.00 350.00

270.00 270.00 315.00
300.00 300.00 350.00
450.00 450.00 525.00

- - - 500,000.00 500,000.00 550,000.00

750,000.00 750,000.00 825,000.00
500,000.00 500,000.00 550,000.00
450,000.00 450,000.00 495,000.00

- - - 2,500.00 2,550.00 2,550.00

3,750.00 3,825.00 3,825.00
2,500.00 2,550.00 2,550.00
2,250.00 2,295.00 2,295.00

- - - 500.00 550.00 550.00

450.00 495.00 495.00
500.00 550.00 550.00
750.00 825.00 825.00

- - - 50,000.00 50,000.00 100,000.00

75,000.00 75,000.00 150,000.00
50,000.00 50,000.00 100,000.00
45,000.00 45,000.00 90,000.00
- - - 500.00 550.00 1,000.00
750.00 825.00 1,500.00
500.00 550.00 1,000.00
450.00 495.00 900.00

- - - 100.00 100.00 200.00

90.00 90.00 180.00
100.00 100.00 200.00
150.00 150.00 300.00

- - - 10,000.00 10,000.00 10,000.00

15,000.00 15,000.00 15,000.00
10,000.00 10,000.00 10,000.00
9,000.00 9,000.00 9,000.00

- - - 500.00 500.00 500.00

750.00 750.00 750.00
500.00 500.00 500.00
450.00 450.00 450.00

- - - 100.00 100.00 100.00

90.00 90.00 90.00
100.00 100.00 100.00
150.00 150.00 150.00

- - - 27,000,000.00 27,000,000.00 27,000,000.00

40,500,000.00 40,500,000.00 40,500,000.00
27,000,000.00 27,000,000.00 27,000,000.00
24,300,000.00 24,300,000.00 24,300,000.00

- - - 4,500,000.00 4,500,000.00 4,500,000.00

6,750,000.00 6,750,000.00 6,750,000.00
4,500,000.00 4,500,000.00 4,500,000.00
4,050,000.00 4,050,000.00 4,050,000.00
>>Table of contenet

2022 2023

250,000.00 300,000.00
375,000.00 450,000.00
250,000.00 300,000.00
225,000.00 270,000.00

2,000.00 25,000.00
3,000.00 37,500.00
2,000.00 25,000.00
1,800.00 22,500.00

500.00 500.00
450.00 450.00
500.00 500.00
750.00 750.00

550,000.00 700,000.00
825,000.00 1,050,000.00
550,000.00 700,000.00
495,000.00 630,000.00

4,000.00 4,500.00
6,000.00 6,750.00
4,000.00 4,500.00
3,600.00 4,050.00

1,000.00 1,000.00
900.00 900.00
1,000.00 1,000.00
1,500.00 1,500.00

150,000.00 150,000.00
225,000.00 225,000.00
150,000.00 150,000.00
135,000.00 135,000.00
 1,000.00 2,000.00
1,500.00 3,000.00
1,000.00 2,000.00
900.00 1,800.00

200.00 500.00
180.00 450.00
200.00 500.00
300.00 750.00

10,000.00 10,000.00
15,000.00 15,000.00
10,000.00 10,000.00
9,000.00 9,000.00

500.00 500.00
750.00 750.00
500.00 500.00
450.00 450.00

100.00 100.00
90.00 90.00
100.00 100.00
150.00 150.00

27,000,000.00 27,000,000.00
40,500,000.00 40,500,000.00
27,000,000.00 27,000,000.00
24,300,000.00 24,300,000.00

4,500,000.00 4,500,000.00
6,750,000.00 6,750,000.00
4,500,000.00 4,500,000.00
4,050,000.00 4,050,000.00
2 Optimistic
Conservative
Pessimistic
MIKOLO HAIRCUTS

Revenue Schedule

Total Revenue
Clipper NGN
After Shave NGN
Neck Cover NGN
Other Kits NGN

Clipper
Volume/Units/Weight Units
Unit Price NGN

After Shave
Volume/Units/Weight Units
Unit Price NGN

Neck Cover
Volume/Units/Weight Units
Unit Price NGN

Other Kits
Volume/Units/Weight Units
Unit Price NGN
Currently running scenerio: Conservative Last updated 1 April 2020

2016 2017 2018 2019 2020 2021

- - - 1,380,000,000.00 1,407,500,000.00 1,732,500,000.00

- - - 100,000,000.00 100,000,000.00 225,000,000.00
- - - 1,250,000,000.00 1,275,000,000.00 1,402,500,000.00
- - - 25,000,000.00 27,500,000.00 100,000,000.00
- - - 5,000,000.00 5,000,000.00 5,000,000.00

- - - 100,000,000.00 100,000,000.00 225,000,000.00

- - - 100,000 100,000 150,000
- - - 1,000.00 1,000.00 1,500.00

- - - 1,250,000,000.00 1,275,000,000.00 1,402,500,000.00

- - - 500,000 500,000 550,000
- - - 2,500.00 2,550.00 2,550.00

- - - 25,000,000.00 27,500,000.00 100,000,000.00

- - - 50,000 50,000 100,000
- - - 500.00 550.00 1,000.00

- - - 5,000,000.00 5,000,000.00 5,000,000.00

- - - 10,000 10,000 10,000
- - - 500.00 500.00 500.00
 >>Table of contenet

2022 2023

2,855,000,000.00 10,955,000,000.00
500,000,000.00 7,500,000,000.00
2,200,000,000.00 3,150,000,000.00
150,000,000.00 300,000,000.00
5,000,000.00 5,000,000.00

500,000,000.00 7,500,000,000.00
250,000 300,000
2,000.00 25,000.00

2,200,000,000.00 3,150,000,000.00
550,000 700,000
4,000.00 4,500.00

150,000,000.00 300,000,000.00
150,000 150,000
1,000.00 2,000.00

5,000,000.00 5,000,000.00
10,000 10,000
500.00 500.00
MIKOLO HAIRCUTS

Cost of Sale

Total Cost of Sales

Clipper NGN
After Shave NGN
Neck Cover NGN
Other Kits NGN

Clipper
Volume/Units/Weight Units
Unit Cost NGN

After Shave
Volume/Units/Weight Units
Unit Cost NGN

Neck Cover
Volume/Units/Weight Units
Unit Cost NGN

Other Kits
Volume/Units/Weight Units
Unit Cost NGN
Currently running scenerio: Conservative

2,016.00 2,017.00 2,018.00 2,019.00 2,020.00

- - - 286,000,000.00 311,000,000.00
- - - 30,000,000.00 30,000,000.00
- - - 250,000,000.00 275,000,000.00
- - - 5,000,000.00 5,000,000.00
- - - 1,000,000.00 1,000,000.00

- - - 30,000,000.00 30,000,000.00
- - - 100,000.00 100,000.00
- - - 300.00 300.00

- - - 250,000,000.00 275,000,000.00
- - - 500,000.00 500,000.00
- - - 500.00 550.00

- - - 5,000,000.00 5,000,000.00
- - - 50,000.00 50,000.00
- - - 100.00 100.00

- - - 1,000,000.00 1,000,000.00
- - - 10,000.00 10,000.00
- - - 100.00 100.00
Last updated 1 April 2020 >>Table of contenet

2,021.00 2,022.00 2,023.00

376,000,000.00 706,000,000.00 926,000,000.00

52,500,000.00 125,000,000.00 150,000,000.00
302,500,000.00 550,000,000.00 700,000,000.00
20,000,000.00 30,000,000.00 75,000,000.00
1,000,000.00 1,000,000.00 1,000,000.00

52,500,000.00 125,000,000.00 150,000,000.00

150,000.00 250,000.00 300,000.00
350.00 500.00 500.00

302,500,000.00 550,000,000.00 700,000,000.00

550,000.00 550,000.00 700,000.00
550.00 1,000.00 1,000.00

20,000,000.00 30,000,000.00 75,000,000.00

100,000.00 150,000.00 150,000.00
200.00 200.00 500.00

1,000,000.00 1,000,000.00 1,000,000.00

10,000.00 10,000.00 10,000.00
100.00 100.00 100.00
MIKOLO HAIRCUTS

Working Capital Schedule

Revenue
Cost of Sales

Working Capital Lines

Trade Receivables NGN
Trade Payables NGN
Inventory NGN
Other Current Assets NGN
Other Current Liabilities NGN

Working Capital Days

Days Sales Outstanding days
Day Payable Outstanding days
Days Inventory Outstanding days
Days in Other Current Assets days
Days in Other Current Laibilities days

DSO = Receiveables/Revenue * 365days

DPO =Payables/Cost of Sales * 365 days
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - - 1,380,000,000.00 1,407,500,000.00
- - - 286,000,000.00 311,000,000.00

0 0 0 56712328.7671233 57842465.7534247
0 0 0 9402739.7260274 12780821.9178082
0 0 0 7835616.43835616 8520547.94520548
0 0 0 7561643.83561644 7712328.76712329
0 0 0 1567123.28767123 1704109.5890411

- - 15 15 15
- - 12 12 15
- - 10 10 10
- - 2 2 2
- - 2 2 2
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

1,732,500,000.00 2,855,000,000.00 10,955,000,000.00

376,000,000.00 706,000,000.00 926,000,000.00

71198630.1369863 117328767.123288 450205479.452055

20602739.7260274 38684931.5068493 50739726.0273973
10301369.8630137 19342465.7534247 25369863.0136986
9493150.68493151 15643835.6164384 60027397.260274
2060273.97260274 3868493.15068493 5073972.60273973

15 15 15
20 20 20
10 10 10
2 2 2
2 2 2
MIKOLO HAIRCUTS

Depreciation Schedule

Total Depreciation NGN

Total Amortization NGN

Depreciation Salvage Value

Buildings 35 Years 0
Plant and Mechinery 15 Years 0
Vehicle 5 Years 0
Office Furniture 5 Years 0
Equipment (IT ect) 4 Years 0

Amortization
Patents, Right and other Intangible 5 Years 0

Capital Expenditure
Buildings NGN
Plant and Mechinery NGN
Vehicle NGN
Office Furniture NGN
Equipment (IT ect) NGN
Patents, Right and other Intangible NGN

Net Book Value:

Buildings NGN
Plant and Mechinery NGN
Vehicle NGN
Office Furniture NGN
Equipment (IT ect) NGN
Patents, Right and other Intangible NGN
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - 3,190,476.19 10,440,476.19 11,452,976.19

- - - 100,000.00 100,000.00

857,142.86 857,142.86 857,142.86

2,333,333.33 2,333,333.33 2,333,333.33
- $4,000,000.00 4,000,000.00
- 2,000,000.00 2,900,000.00
- 1,250,000.00 1,362,500.00

- 100,000.00 100,000.00

- - 65,000,000.00 35,500,000.00 4,950,000.00

- - 30,000,000.00 - -
- - 35,000,000.00 - -
- - - 20,000,000.00 -
- - - 10,000,000.00 4,500,000.00
- - - 5,000,000.00 450,000.00
- - - 500,000.00 -

- - 29,142,857.14 28,285,714.29 27,428,571.43

- - 32,666,666.67 30,333,333.33 28,000,000.00
- - - 16,000,000.00 12,000,000.00
- - - 8,000,000.00 9,600,000.00
- - - 3,750,000.00 2,837,500.00
- - - 400,000.00 300,000.00
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

14,477,976.19 15,440,476.19 14,315,476.19

100,000.00 100,000.00 160,000.00

857,142.86 857,142.86 857,142.86

3,333,333.33 3,333,333.33 3,333,333.33
5,000,000.00 5,000,000.00 5,000,000.00
3,800,000.00 4,700,000.00 4,700,000.00
1,487,500.00 1,550,000.00 425,000.00

100,000.00 100,000.00 160,000.00

25,000,000.00 4,750,000.00 800,000.00

- - -
15,000,000.00 - -
5,000,000.00 - -
4,500,000.00 4,500,000.00 -
500,000.00 250,000.00 500,000.00
- - 300,000.00

26,571,428.57 25,714,285.71 24,857,142.86

39,666,666.67 36,333,333.33 33,000,000.00
12,000,000.00 7,000,000.00 2,000,000.00
10,300,000.00 10,100,000.00 5,400,000.00
1,850,000.00 550,000.00 625,000.00
200,000.00 100,000.00 240,000.00
MIKOLO HAIRCUTS

Dept Schedule

Cash
Opening Casflow NGN
Net Cashflow NGN
Closing Cashflow NGN

Interest Rate %

Annual Interest Income NGN

Bank Overdraft
Operating Cashflow NGN
Investing Cashflow NGN
Loan Issued/(Repayment) NGN
Equity Issuance/(Buyback) NGN
Dividends NGN
Cash Available/(Cash Needed) NGN

Opening Bank Overdraft NGN

Additions/(Repayments) NGN
Closing Bank Overdraft NGN

Bank Overdraft Intrerest Rate %

Bank Overdraft Interest Expense NGN

Loan 1: Stanbic IBTC

Loan - Opening Value NGN
Additions NGN
(Repayments) NGN
(Intrerest Expense) NGN
Loan - Closing Value NGN

Laon 2: Polaris Bank

Loan - Opening Value NGN
Additons NGN
(Repayments) NGN
(Interest Expense) NGN
Loan - Closing Value NGN
Loan 3: First Bank
Laon - Opening Value NGN
Addtions NGN
(Repayments) NGN
(Interest Expenses) NGN
Loan - Closing Value NGN

Total Interest Income NGN

Total Interest Expense NGN
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - - 141,991,794.11 812,774,662.03
- - 141,991,794.11 670,782,867.93 831,032,969.08
- - 141,991,794.11 812,774,662.03 1,643,807,631.12

5% 5% 5% 5% 5%

- - 3,549,794.85 23,869,161.40 61,414,557.33

- - (107,795.60) 678,544,545.12 733,153,854.43

- - (61,450,205.15) (11,630,838.60) 56,464,557.33
- - 100,000,000.00 (20,000,000.00) (20,000,000.00)
- - 100,000,000.00 - -
- - - - -
- - 138,441,999.25 646,913,706.52 769,618,411.75

- - - -
- - - - -
- - - - -

15% 15% 15% 15% 15%

- - - - -

- 100,000,000.00 80,000,000.00
100,000,000.00 - -
- (20,000,000.00) (20,000,000.00)
- (5,000,000.00) (4,000,000.00)
100,000,000.00 80,000,000.00 60,000,000.00

- - -
- - -
- - -
- - -
- - -
 - - -
- - -
- - -
- - -
- - -

- - 3,549,794.85 23,869,161.40 61,414,557.33

- - - (5,000,000.00) (4,000,000.00)
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

1,643,807,631.12 2,842,524,889.26 4,744,782,839.76

1,198,717,258.14 1,902,257,950.51 8,087,381,390.67
2,842,524,889.26 4,744,782,839.76 12,832,164,230.43

5% 5% 5%

112,158,313.01 189,682,693.23 439,423,676.75

890,030,008.54 1,387,367,608.86 6,499,832,663.12

87,158,313.01 184,932,693.23 438,623,676.75
(20,000,000.00) (20,000,000.00) (20,000,000.00)
30,000,000.00 - -
99,370,623.58 160,274,955.19 729,501,374.04
1,086,558,945.13 1,712,575,257.28 7,647,957,713.91

- - -
- - -
- - -

15% 15% 15%

- - -

60,000,000.00 40,000,000.00 20,000,000.00

- - -
(20,000,000.00) (20,000,000.00) (20,000,000.00)
(3,000,000.00) (2,000,000.00) (1,000,000.00)
40,000,000.00 20,000,000.00 -

- - -
- - -
- - -
- - -
- - -
 - - -
- - -
- - -
- - -
- - -

112,158,313.01 189,682,693.23 439,423,676.75

(3,000,000.00) (2,000,000.00) (1,000,000.00)
MIKOLO HAIRCUTS

Equity Schedule

Ordinary Shares
Opening NGN
Issuance/(Buyback) NGN
Closing NGN

Preference Shares
Opening NGN
Issuance/(Buyback) NGN
Closing NGN

Dividend
Net Income NGN
Preference Dividend Yield %
Preference Dividend NGN
Net Income to Ordinaty Shares NGN
Ordinary Shares Dividend Payout Rate %
Ordinary Shares Dividend NGN

Retained Earnings
Opening NGN
Net Income NGN
(Preference Dividend) NGN
(Ordinary Share Dividend) NGN
Closing NGN
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - 100,000,000.00 100,000,000.00
- - 100,000,000.00 - -
- - 100,000,000.00 100,000,000.00 100,000,000.00

- - - -
- - - - -
- - - - -

- - 251,523.06 749,580,079.65 777,603,106.80

0% 0% 0% 0% 0%
- - - - -
- - 251,523.06 749,580,079.65 777,603,106.80
0% 0% 0% 0% 0%
- - - - -

- - 251,523.06 749,831,602.71
- - 251,523.06 749,580,079.65 777,603,106.80
- - - - -
- - - - -
- - 251,523.06 749,831,602.71 1,527,434,709.51
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

100,000,000.00 100,000,000.00 100,000,000.00

- - -
100,000,000.00 100,000,000.00 100,000,000.00

- 30,000,000.00 30,000,000.00
30,000,000.00 - -
30,000,000.00 30,000,000.00 30,000,000.00

993,706,235.77 1,602,749,551.92 7,295,013,740.40

0% 0% 0%
- - -
993,706,235.77 1,602,749,551.92 7,295,013,740.40
10% 10% 10%
99,370,623.58 160,274,955.19 729,501,374.04

1,527,434,709.51 2,620,511,568.86 4,383,536,075.98

993,706,235.77 1,602,749,551.92 7,295,013,740.40
- - -
99,370,623.58 160,274,955.19 729,501,374.04
2,620,511,568.86 4,383,536,075.98 12,408,051,190.41
MIKOLO HAIRCUTS

TAX

Income Tax Rate %

Accounting EBT NGN

Less: Timing Difference NGN
Less: Government EBT NGN

Current Income Tax NGN

Increase/(Decrease) in Deffered Income Tax NGN
Total Income Tax NGN
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

30% 30% 30% 30% 30%

- - 359,318.66 1,070,828,685.21 1,110,861,581.14

- - - - -
- - 359,318.66 1,070,828,685.21 1,110,861,581.14

- - 107,795.60 321,248,605.56 333,258,474.34

- - - - -
- - 107,795.60 321,248,605.56 333,258,474.34
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

30% 30% 30%

1,419,580,336.82 2,289,642,217.04 10,421,448,200.56

- - -
1,419,580,336.82 2,289,642,217.04 10,421,448,200.56

425,874,101.05 686,892,665.11 3,126,434,460.17

- - -
425,874,101.05 686,892,665.11 3,126,434,460.17
MIKOLO HAIRCUTS

Income Statement Schedule

Clipper NGN
After Shave NGN
Neck Cover NGN
Other Kits NGN
Total Revenue NGN

Cost of Sale NGN

Gross Profit NGN

Gross Profit Margin %

General & Admin Expenses NGN

Marketing Expenses NGN
R&D NGN
Other Operating Expenses/Income NGN
TOTAL Operating Expenses NGN

Operating Profit Excluding D&A(EBITDA) NGN

EBITDA Margin %

Depreciation and Amortization (D&A) NGN

EBT NGN

Operating Profit (EBIT) Margin %

Finance Income NGN

Finance Cost NGN
Profit Before Tax (PBT) NGN

Tax NGN

Net Income NGN

Net Margin %
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - - 100,000,000.00 100,000,000.00
- - - 1,250,000,000.00 1,275,000,000.00
- - - 25,000,000.00 27,500,000.00
- - - 5,000,000.00 5,000,000.00
- - - 1,380,000,000.00 1,407,500,000.00

- - - (286,000,000.00) (311,000,000.00)
- - - 1,094,000,000.00 1,096,500,000.00

0% 0% 0% 79% 78%

- - - (27,000,000.00) (27,000,000.00)
- - - (4,500,000.00) (4,500,000.00)
- - - - -

- - - (31,500,000.00) (31,500,000.00)

- - - 1,062,500,000.00 1,065,000,000.00

0% 0% 0% 97% 97%

- - (3,190,476.19) (10,540,476.19) (11,552,976.19)

- - (3,190,476.19) 1,051,959,523.81 1,053,447,023.81

0% 0% 0% 96% 96%

- - 3,549,794.85 23,869,161.40 61,414,557.33

- - - (5,000,000.00) (4,000,000.00)
- - 359,318.66 1,070,828,685.21 1,110,861,581.14

- - (107,795.60) (321,248,605.56) (333,258,474.34)

- - 251,523.06 749,580,079.65 777,603,106.80

359,318.66
0% 0% 0% 54% 55%
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

225,000,000.00 500,000,000.00 7,500,000,000.00

1,402,500,000.00 2,200,000,000.00 3,150,000,000.00
100,000,000.00 150,000,000.00 300,000,000.00
5,000,000.00 5,000,000.00 5,000,000.00
1,732,500,000.00 2,855,000,000.00 10,955,000,000.00

(376,000,000.00) (706,000,000.00) (926,000,000.00)

1,356,500,000.00 2,149,000,000.00 10,029,000,000.00

78% 75% 92%

(27,000,000.00) (27,000,000.00) (27,000,000.00)

(4,500,000.00) (4,500,000.00) (4,500,000.00)
- - -

(31,500,000.00) (31,500,000.00) (31,500,000.00)

1,325,000,000.00 2,117,500,000.00 9,997,500,000.00

98% 99% 100%

(14,577,976.19) (15,540,476.19) (14,475,476.19)

1,310,422,023.81 2,101,959,523.81 9,983,024,523.81

97% 98% 100%

112,158,313.01 189,682,693.23 439,423,676.75

(3,000,000.00) (2,000,000.00) (1,000,000.00)
1,419,580,336.82 2,289,642,217.04 10,421,448,200.56

(425,874,101.05) (686,892,665.11) (3,126,434,460.17)

993,706,235.77 1,602,749,551.92 7,295,013,740.40

57% 56% 67%

MIKOLO HAIRCUTS Currently running scene

Balance Sheet Schedule

Fixed Assets NGN

Intangibles(Patent, Copy Right, License NGN
PP&E NGN
Other Fixed Assets NGN

Current Assets NGN

Inventory NGN
Trade Receivables NGN
Other Current Asstes NGN

Cash and Cash Equivalent NGN

Total Assets NGN

Non Current Liabilities NGN

Long Term Debt NGN
Deffered Income Tax NGN
Other Non Current Liabilities NGN

Current Liabilities NGN

Short Term Loan NGN
Trade Payables NGN
Other Current Laibilites NGN

Equities NGN
Share Capital NGN
Retained Earnings NGN
Other Equity Items NGN

Total Liabilities & Equity NGN

Check NGN
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - 61,809,523.81 86,769,047.62 80,166,071.43

- - - 400,000.00 300,000.00
- - 61,809,523.81 86,369,047.62 79,866,071.43

- - 141,991,794.11 884,884,251.08 1,717,882,973.58

- - - 7,835,616.44 8,520,547.95
- - - 56,712,328.77 57,842,465.75
- - - 7,561,643.84 7,712,328.77

- - 141,991,794.11 812,774,662.03 1,643,807,631.12

- - 203,801,317.92 971,653,298.69 1,798,049,045.01

- 100,000,000.00 80,000,000.00 60,000,000.00 40,000,000.00

- 100,000,000.00 80,000,000.00 60,000,000.00 40,000,000.00
- - - - -

- - - 9,402,739.73 12,780,821.92
- - - - -
- - - 9,402,739.73 12,780,821.92

- - 100,251,523.06 849,831,602.71 1,627,434,709.51

- - 100,000,000.00 100,000,000.00 100,000,000.00
- - 251,523.06 749,831,602.71 1,527,434,709.51

- 100,000,000.00 180,251,523.06 919,234,342.44 1,680,215,531.43

- (100,000,000.00) 23,549,794.85 52,418,956.26 117,833,513.59

d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

90,588,095.24 79,797,619.05 66,122,142.86

200,000.00 100,000.00 240,000.00
90,388,095.24 79,697,619.05 65,882,142.86

2,933,518,039.94 4,897,097,908.26 13,367,766,970.16

10,301,369.86 19,342,465.75 25,369,863.01
71,198,630.14 117,328,767.12 450,205,479.45
9,493,150.68 15,643,835.62 60,027,397.26

2,842,524,889.26 4,744,782,839.76 12,832,164,230.43

3,024,106,135.18 4,976,895,527.30 13,433,889,113.01

20,000,000.00 - -
20,000,000.00 - -
- - -

20,602,739.73 38,684,931.51 50,739,726.03

- - -
20,602,739.73 38,684,931.51 50,739,726.03

2,750,511,568.86 4,513,536,075.98 12,538,051,190.41

130,000,000.00 130,000,000.00 130,000,000.00
2,620,511,568.86 4,383,536,075.98 12,408,051,190.41

2,791,114,308.59 4,552,221,007.48 12,588,790,916.44

232,991,826.59 424,674,519.82 845,098,196.57

MIKOLO HAIRCUTS Currently running scene

CashFlow Schedule

Cashflow From Operations NGN

Net Profit NGN
+ Depreciation & Amortization (D&A) NGN
-Finance Income NGN
+Finance Cost NGN
Change in Inventory NGN
Change in Trade Recevables NGN
Change in other Current Assets NGN
Change in Trade Payables NGN
Change in other Current Liabilities NGN
+Tax Expense NGN
-Tax Paid NGN

Cashflow From Investing Activities NGN

Capital Expenditure NGN
Capital Asset Disposal NGN
Finance Income NGN
Change in Other Fixed Assets NGN
Change in Differed Income Tax NGN
Change in Other Non-Current Liabilities NGN

Cashflow from Financing Activities NGN

(Finance Cost) NGN
Bank Overdraft Drawn/(repaid) NGN
Debt issued NGN
(Dept Paid) NGN
(Dividend) NGN
Equity Issued/(Buyback) NGN

Net Cashflow NGN

Opening Cash NGN

Closing Cash NGN

Check NGN
Unlevered Free Cashflow (ULFC) NGN
Free Cashflow from Operations & Investment NGN
Interest Tax Cover NGN
Currently running scenerio: Conservative

2,016 2,017 2,018 2,019 2,020

- - (107,795.60) 678,544,545.12 733,153,854.43

- - 251,523.06 749,580,079.65 777,603,106.80
- - 3,190,476.19 10,540,476.19 11,552,976.19
- - (3,549,794.85) (23,869,161.40) (61,414,557.33)
- - - 5,000,000.00 4,000,000.00
- - - (7,835,616.44) (684,931.51)
- - - (56,712,328.77) (1,130,136.99)
- - - (7,561,643.84) (150,684.93)
- - - 9,402,739.73 3,378,082.19
- - - - -
- - 107,795.60 321,248,605.56 333,258,474.34
- - (107,795.60) (321,248,605.56) (333,258,474.34)

- - (61,450,205.15) (11,630,838.60) 56,464,557.33

- - (65,000,000.00) (35,500,000.00) (4,950,000.00)

- - 3,549,794.85 23,869,161.40 61,414,557.33

- - - - -
- - - - -
- - - - -

- - 203,549,794.85 3,869,161.40 41,414,557.33

- - 3,549,794.85 23,869,161.40 61,414,557.33
- - - - -
- - 100,000,000.00 - -
- - - (20,000,000.00) (20,000,000.00)
- - - - -
- - 100,000,000.00 - -

- - 141,991,794.11 670,782,867.93 831,032,969.08

- - 141,991,794.11 812,774,662.03
- - 141,991,794.11 812,774,662.03 1,643,807,631.12

- - - - -
- - (61,558,000.75) 665,413,706.52 788,418,411.75
- - (61,558,000.75) 666,913,706.52 789,618,411.75
- - - (1,500,000.00) (1,200,000.00)
Last updated 1 April 2020

2,021 2,022 2,023

890,030,008.54 1,387,367,608.86 6,499,832,663.12

993,706,235.77 1,602,749,551.92 7,295,013,740.40
14,577,976.19 15,540,476.19 14,475,476.19
(112,158,313.01) (189,682,693.23) (439,423,676.75)
3,000,000.00 2,000,000.00 1,000,000.00
(1,780,821.92) (9,041,095.89) (6,027,397.26)
(13,356,164.38) (46,130,136.99) (332,876,712.33)
(1,780,821.92) (6,150,684.93) (44,383,561.64)
7,821,917.81 18,082,191.78 12,054,794.52
- - -
425,874,101.05 686,892,665.11 3,126,434,460.17
(425,874,101.05) (686,892,665.11) (3,126,434,460.17)

87,158,313.01 184,932,693.23 438,623,676.75

(25,000,000.00) (4,750,000.00) (800,000.00)

112,158,313.01 189,682,693.23 439,423,676.75

- - -
- - -
- - -

221,528,936.59 329,957,648.42 1,148,925,050.79

112,158,313.01 189,682,693.23 439,423,676.75
- - -
- - -
(20,000,000.00) (20,000,000.00) (20,000,000.00)
99,370,623.58 160,274,955.19 729,501,374.04
30,000,000.00 - -

1,198,717,258.14 1,902,257,950.51 8,087,381,390.67

1,643,807,631.12 2,842,524,889.26 4,744,782,839.76

2,842,524,889.26 4,744,782,839.76 12,832,164,230.43

- - -
976,288,321.55 1,571,700,302.09 6,938,156,339.87
977,188,321.55 1,572,300,302.09 6,938,456,339.87
(900,000.00) (600,000.00) (300,000.00)
 MIKOLO HAIRCUTS Currently running scenerio: Conse
Discounting Cashflow Valuation

Weighted Average Cost of Capital (WACC) 13.14%

Perpetuity Growth Rate, g 5%

2,016
UFCF

Discount Factor
PV of UFCF

PV of UFCF 5,761,917,538.53 NGN

Continuing Value 5545243887239.040% NGN
PV of Continuing Value 26441201411.3385 NGN
Enterprise Value 32,203,118,949.87 NGN

Weighted Average Cost of Capital

(E/E+D)*Ke+(D/E+D)*Kd*(1-t)

E 100,000,000.00
D 100,000,000.00
Ke 0.22775 CAPM Rf + Beta(Rm - Rf)
Kd 5%
t 30% Rf 10%
E+D 200,000,000.00 Beta 1.825
WACC 13% Rm 17%

NSEASI
1984
2020
running scenerio: Conservative Last updated 1 April 2020

1 2 3 4 5
2,017 2,018 2,019 2,020 2,021 2,022
(61,558,000.75) 665,413,706.52 788,418,411.75 976,288,321.55 1,571,700,302.09

0.883880234228 0.781244268459 0.69052636699539 0.610342607001 0.53946976643525

(54,409,900.12) 519,850,644.38 544,423,701.54 595,870,359.36 847,884,794.87

RRI
Rm 16%

100
21,100
>>Table of contenet

6
2,023
6,938,156,339.87

0.47682666351585
3,308,297,938.49
 MIKOLO HAIRCUTS

Financial RatioS Schedule

Liquidity Ratio
Current Ratio
Quick Ratio
Cash Ratio

Asset Management Ratios

Average Collection Period (Day Sales Outstanding dso)
Days Payable Oustanding
Days Inventory Oustanding
Inventory Tunrover
Fixed Assets Turnover
Total Assets Turnover

Leverage Ratios
Debt Ratio
Debt to Equity Ratio
Interest Coverage Ratio/Times Interest Earned

Profitability Ratio
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Assets
Return on Equity
Currently running scenerio: Conservative Last updated 1 April 2020

2,016 2,017 2,018 2,019 2,020

- - - 94.109 134.411
- - - 87.96 128.84
- - - 86.44 128.62

- - 15.00 15.00 15.00

- - 12.00 12.00 15.00
- - 10.00 10.00 10.00
- - - 2.69 1.08
- - - 18.58 16.86
- - - 2.35 1.02

- - 80,000,000 60,000,000 40,000,000

- - 80,000,000 60,000,000 40,000,000
- - - 210 263

0% 0% 0% 79% 78%
0% 0% 0% 96% 96%
0% 0% 0% 54% 55%
0% 0% 0% 77% 43%
0% 0% 0% 88% 48%
d 1 April 2020 >>Table of contenet

2,021 2,022 2,023

142.385 126.589 263.458

136.69 114.95 263.46
137.97 122.65 252.90

15.00 15.00 15.00

20.00 20.00 20.00
10.00 10.00 10.00
0.74 0.73 1.20
20.29 33.51 150.15
0.72 0.71 1.19

20,000,000 0 0
20,000,000 0 0
437 1,051 9,983

78% 75% 92%

97% 98% 100%
57% 56% 67%
33% 32% 54%
36% 36% 58%