Analycts martel, 5 feees a ¢ 22 ; petioles ie Pi tynilieckr cnc © eee a: Unddaclandlth dy, OD com petr'tpn at well af Pop bability B WD Dead lop new entrance; E G E Ice FACTORS 3 o Drelybmniet 5 scale ;-(produto at 0 lower cout ne Hur of earisting pirenc have _econorolec & scale 4 cache | barrier [tp new entrar: i 7 By + Demand. cite bengal Os scales network Crrect” dhe bene tees refer fe ation woillag nec fo pay premium for coy prelue at FOF Bb Cuctomerct CY theroage Prevent news firs from Charsyng & Sihnile, ente uyh| 2 eclablich 9 large, curtorer bao. ' 0) Calforner Laitching coct- wor to @ coct oy } = perteu'niing employees | ad & reeling a ishing oe +08 gycter+ IF Ctushomers cwitdhing Cork a high we ‘ , i ¢ Meme thiyh proplabildy orel cet aC a bamler b + NeW wbantc : : EESet requute mente > ters tel, rg. thal. veg waver eh, harrier te new eshante a i at a wathe shcumberdy Advastagac: (experience. te lotrel = —aluchy more than = new entrant 3s gp unequol. aceecc ty —obdetr'bution Pleo 3 bz Lexithig _Firme hove tieel up/exhaucted all Fhe clitbsbuhor Deiaan leeithtons “eels Be ay Bewn’er “pw entrants as © | ad Retbatebive govt policy! govt polidy meu “Hhey curl er hinder the eaty pp ree ems whl ubl ye pei en_Hicing ment | - Subercl ecpargevn ing) power # Power © Lappe: Catgeds the cod : E Bar adlning vit to | produchon 2- acts. fp suphla base high barging. poset cal tad He preg Pernice they clomet Chage bith _ priter bs | uncles ‘The ung powes 6 cuppliey i relatively bygh iy & Y@ tht ne DB cupplie a relahvely crcl Compared 4 the number of firme inthe theluchy Bo: v Deupplier Server multiple th Lactny 4 not _beawly thy a) i: depenclen} ona. \ partrcuskar thduchey op VOlpfupalier offer olifserenticled —errduck S v i subcttude fo cup phrecc proclucl are not eacily wth avou'leol (ewe relech'vely ecly for Cupplies to bf egret Cforwarcl pe. ee a et parhtipants were tp face crop piled et they change the Supp [rer LuaedaihgWi Bargasining power ar busjerc Aub em ue may force —_dlowon "eee quolity eas anol tery lee eect £ tim la breat oj LE Paws relahively ae begat fbr Bila, a welrecbited [tanec ca a A Sl tt wee eve low ~ veledively eaty for them i tot bl Che werd inferguahon) — ____——twelhckh t ¢ than (reusing { b) Buyer face low ® ” ively Exiicteng Compe a, F | Jowe price diccount Wie SATE oe 06 AGrece i've _Crol verty'eriemend © ghecter the enbencity of nha ly te lower the prptobilty Rival Grong edict be Nh ene. oe © 9% numb of competitor , Pow y : (0) Inch, « Pi fley tate it TESS os ae ) Htgl, = Bo. -C fous a geet wo. £9 thuge © aahclactry~ me SES Pict ee hig araeg ie Breer as F Olnductry Firms ae not fawn fib pin. Pepe | tho Compabr‘tive chreileg Pec with bath end pale.; li: vd aye Juadh on/Arrelecs'e oF 0 Y ee Unoluctny ~ (where doer it ; porkstipank cro cegmet Em. io Pup, rete (who are 6 byyers?, compeh ty) rae ab ore Scubhidec? ¢ re there oy ren! , WC ete.) rg. AZ s Bay le paces ofd determine which goces cre weak and cto ‘ and why . a P ee i ~ 4. Determine © Overal) pnductry chucture naa clriver fo! toch Compehbve _ i » eunalyc ic] of concicten cu « a Curly jt the level of poitebilcty » Whit are the —_Controlirn fe i pe te trolling Pet 5 a) Ai aN 9: Aralijce recent and hela fubure Chaney on_cech.Pleredn Petpalle fo Ielichy hada jPiptotng induct ten broaelly e orto va bit . a ee EPGAGG 0 sHoormeuc “thea er “ } neque inh ee ees poe = 99:49 cleeply on 2 Imporknt force il Rhy che analyci thd tonorec aes ee a thohectry rather then > ucing et to_ Inougry — Life CUck- Glace it, 6 chon Ban _tnchabry Pen © stage op vtoliclry Wpe_aycle tin pace 6 bhece cycle tenchintyi) Based on _buciinece cycle Sen rbivityy eqeu ty fy z ‘Types = theltrterec “Ypfieuotl thee = aelvreve abies eweragye ‘ apootcon of ch aa ‘eh 5S phace s isk 2. Brett curle + = E Be Eleni Iookhiee tiga — Fahitlt teletively table pecgormnanw through, the Bowec Begs Yyolee Perform _ -oquietty _chroagly — chung econo rie on) and elecline moll propt durtrg wrtum . Crecetetons woah as ~ iat eee cycle» Perform very rong _oluur’ ng — n_and poorly dluring rectionDNiblenol asc. ach, Flow atteoe : Theorchitaly jetted iene Ore © woclof ferels? —Brpare! 2 eornihog uch n Alton be a eo / ag prite 6 chase aa apemack So mivonty cherebet a bi'stny Pay Ay| One PE PE Rio ee or. bi a in |A_ Year lv eal ie: snort yeors divilead Man be + tnvecto vector holding _periool ke _only ne eu: =PV of @ _dlilencle ms +. PV of onto sd Be _____opeded fe Bare hats ay be os ! falda ie)ae Ke Pri'co > 32. 50 I i Th. stook Us ays ic = 33 Thy took Dyan) ! low: Selb > by @ Book evel fell 2 aevalved o ae + _of fo &d 6 yrs =¢) Lo thin 0 tr Y2 > $2.40 : : al plete, woot tb cell ¢ char oper & end & zyne_ Pe Bless es eect)”. tn t 54220 _ (4108. °Med te $2 Mekel pria > No (£29 +34.) it ie mervaludd anol yp MP4 No Ct.39.34-) rt me tree te ulmi lod: Heer uploth Propel Div den! Oiler Qputtl srodegeaches ¢ oF fertoshhy eivitlen ie name otra ct Future cbiviblendl by dacesying rll f 2 oe Severe) ro ge) on athens ol petirne are > Conctirit growth eee 2d “Connibler 2 abvinchat efas 8 i zoel daa pebeeee CONG Ucler iS btned 2 gro uth (3 5 sa rode). 2 ‘toooGRO the e@ CY, we ancl a) GORDON tt anttnue to poy obidl ‘thote abiablencl voll ae gow ob Acumnts at a adbpite ine a onctant vole sereoer De ls ola ro hi: oo — D2 Doll 19) p2C14+9) ee De= Dol stor OsGw). Es cn Nb = a yp = Dar tg) - btitg) + ise = a it is Ley aes ae,fale & rialea of ped vale real Inioele a chive) _Ete “pale Pager Stock: k aay bf ne) shoe NoluatiD?2 Jal we. NERO Mt ee ei fhe bSG5. 1 Buy becauce par value te lower than tating te Valve \ SS a Bord wisk premium Col — He Mil nebely on the 1 long tern _clety| MULTI~ TAGE ppnr’ ‘oth salle in 3 choos Meth phace? a coy ih tte growth phace typically coh aptly expo ht pt mougu a © pgtwth cde 07 BEG pe Y norma] growth) « On & othe ee ; hegten have hegahive, ECTE beor € Cou cavecte heavily m ff ding, operadhons * Dividend Ryod rho o grousth phace eae} Bin low or even zem- Moab, ghaces- k= trancition treaty prapethon pubs pressure en prices anol propel om ite heoa 6 market edu rection: Earning groath bud cbc auee S a fe ente fypitell ling tn the phace ings BS Riles! ted con _be cuctarel = 2 -, Garni n, roel 4 piviblencl Deptt period & Borer coal. ee Bf. Pe, aHan Mer _raestly paid a diiutlend of 235M ecoct thd the cog diintlened we" 9 For | Neck Fous yeas’ of tes pif a5 inl: perpetuity of the Company puohite = divic Given Op = 13) : Ds—4s1 pst 301BG 22512 = 3¢ 13 + Vy he) say {013Creme niecl ape cabiong = RB RAY eliivickenls pop gat wurrently cand _ olds 15° 8 Al od ~ |8 hs Payer Ms Oe s € Coy growth rake erpecteo! ; & Hato 6) and rene, _thto_ thet [evel th 5 et fiom ped oncack Genco 1 alco eipechdl (7 b phe earninn o.0 liv relenoh -Qiven to alealede @ rel he op i EE EGLO) oF &y =5- 176 (Cy +006) a : pee cs oo Gash PRO eS Dy 250486 XO+3 By = 1-646Paid fron, Te “Ng = 4h140 _B H-Moven + Pe Gacupe todd “fe. a The _ trantitio eo ee reLAvely ioe : ry Ore or Perret aie morse ——<—_ High SmwthORO) Ce ieee a OK Boot gee peril th. Lgher WED / 8] Womple® Concent) — ite emahona/ 4, ak. cents parole p82, JL divelenel off! AS nex} ur expected gruth rede 5 257 Mut, (ihetpectec! fh Jeclng conctant ta BPH 107) 4 janx (os monpr) = O11 ~0-07 2sfe Pevochce Cin. ora reendly_pastl a adi heed ¥ P aivielenl__ is expeded fe gow c eat gictrale's. Ue ct ane jolloued bya 157, gmt? rife jor Dunc ie al p_stabilice reas pesreuos) ; it tramp? £13 Tel for & ne ap fer, which r Sate &. e yp Gene a vole 6 return 127 L Caltulee | | Volue of tock ty dak 2. relate = Di = bb Cy +0022) = 24196 -1-8| (140-205? = 2.679 18) Ci to-22)3= 3:269 : eee Dy 302191 t0-15) = 3.759. 1 De =296 9005 - 4.393 i D, = 41823 (/40.06)_ eeBangle HBC cog Spall om Aelia ip Grape Pidivlelend bs Sieund hPa ut 2 rik & (5+/ pe Heat le wre ancl then decline Unewly over ® nat Xye 47 TWeR Tey ee ) 2 (-2.25(i40- 15 ) = 2.5 88 Dae; 25(ito- 16)? = 2-976 has (40-15? - 3422 - boner. Dili Po) 4 Ost 0-5.)Gichuhable gruth yote__FReE_ cach FLOW VALUATION . : Gash fis fo the firm: Crop) "he & Cfanhdfe j BE dino ea ease 5 Wiehe tel af ter Ope rabing pene \ held ny tones) have boon ay ae) seria me te vo We (eg tnvertonay ) } i ed fried! cap tel(eg equip ent howe bow as ee BePOaG! = t= clnvectment doi —. fiverbenk Tye. Working cope) FE LO PEy) : & 2 = eS: __ FCREL sSigataben on ial t (y + Ac) ee i aot ax wie balan a a a ae Buty CRGED Tle @ Sollble to hoHlexe ep common °quihy ler Bei expense, interred “and principal payments | me ae, | nececcany invectnenke in We aud. pital Wave been rrccle, ard completes all tate cont athe Supplic 5 Capital bordhollenc ¢ peferrc/ Common ctr stelegece roa _FCft_- fom Cfo h ach los fro opershor) a Inelr-©) = Felon —E9 pute afber concrsleckng cbanrge 12 working capitl A . Jnrectrert | and ron Cach Chere From EIT Ste Ceshi =i) Cy — ter ele) = Bes TC Powe) — Int fen) phe this ection for NG inf fp Equhoe ties = Od) biG jis + lob, Fel - —_ Wolav Ca? aeBua Inv = Capey ~ Poceele fron obs a (onaferne : = aueke / L We lov = Change to _we ‘ow Ye ypar- ICE fron BTA. Wlndome can be expreced ae NTs (BB7DA - Cop - bt) Ci-b) ae at | nto gn 4 - EBITDA CLE) + Dep Clerale) - Fone — Wow een) ae Bini etal) + Net harms ng Sonsan Nance vf) KO, rit Herre) FC Iv —WGhy eH = NP +NCC tin ao 690 V se Int Ci ~ for rate D+. Net borrovoiney 9 ! scat aL. lg tubch tle °4n (4) , br Mi hep --- - €9n 6. EN FCFES NY +NCo tel loin + Net borerrney E a b Ince nae ; fh AGE = Cho ¢ Ik (i-tor rade) — FCiny —_ ete) : Se ADS gn 2 rr ae FE = Cho = FC ine + Nef barmeaing ere C97 eg73_ff tte Fen EAT Do FOF= Eeir( ~tarrole ) 4 Depr ~ FEihy — We tay =~ KF Auch hte Te ea NS .. ste PRES our 5 Int Cimtarede) + Dopre ~~ PMC Welw + Mech bo, ering Bema con &Fe 4 BNA toy rede.) — | Ind ( Se 2 Atmel — — lv > Wel tNef borowiry ~-~- 690 9, = Groce PPE 2010 wgine Pee 09 448 ~/125 = 38 Chanoe oy PUGH (Gidleliyg ad) = hanep 6 th ne (itll Short tem dest) ~] = (2 453 -2g) - (145 a = 3 (Adbtore Zoro + Inv 2010 ~ o) eb t Do * rgghle. Lp indlivetec Wo ha lepreaced . tCHE = 168tG +[aoxCi-0-))= 3t(8 ~-2) = -69J ewe (290 +. 502-487: = (86 Be tne te tcry_ fo” Net brawny | 168+ 60 fcrEl= ae ee Selle cis 7 fe" eBiT i et = peal os] #60 318 CD =“ 7 Go) = 3820 Tce eBiTOA «(2607 |= [ago x(1-0 2) +(60x0. 3) $-3IR = CA me O7 Ne Ineora + Depre =| 168 +60 -7 - cd spa etre hate, 'ce ‘6 new evege, Bases =CTE (AHernphive use of FCTED. re thereace cach on bare! or fo Geet isle Cretain @ cach ond thee rnereace tle firme bdans talent OF a ard markelabh Cecurihee : the _ provielere & ol clebt cupchl - sacra — —_ 4 =o" bo ree oF mae apt] th erect ee, AXK ae th etace & sina ng) pee Cp debt npaynrt (xxx) } Chore rep ur | tin POLE Beeson AXX chee decran® thexcecc 6 clare reparchace (Xxx) Ween tc —— KKForet hexy ince Er ated Tete = NT ? Cel = Pep) Wein + Neb borowings. Divtlorle Lelve repurchace | leveraee. by hae ho tmprct on CFF 0 TCH - kl op He uses of FGFE > lkec of | ICFE = hore ( (o menus clecngoce) th cach beJaroc — - xy oh ae to proriolere of epely cap: tel | BO abd = - = ta re purchacec in Mec 6 clare keuonm — — - KX ~ cha £ re tKcyona th Pract 3 Clare repurchaces — (xxv) [Ucar OF: TCHE *“—— Ogle -ctage_( Corclant - Growth) £C FE anol FFE Nalicdor Ee temp FCEg mus ot x enctert rade forever a Pid of 8 Rm = FOrR = Fores) F WA 9 NACHT DT Saito) Corclan! ce Noke 6 equfy= ECFE, = FCFECItQ) isc) Tee required rahe of rewn on oudey 5- long tem growth oon efant rele ple - pists Pore C07) = 60 millon Bape bar Co = 450Lae: were: t % b= Oy im ae foroas) x(t -0-4) H(y Fo | 2 8CS) : | wd Q- i BD Nbhe be mms = FCI tq). = Goonies = 19,07 wkcc -J 020363 -00S Neha df _etuby= 19093-48 -1g00m = 17 848-43 a PETE de = ST-6c ee or —: [eee eee = 2: Se | Ga ieoc aA foe EN a. A as 5 = Bea = (+2 i ee : 2 (or yt chee oh $CEE_ ee) = 325 K)-065 on7/8 0-065, mere, fee et tulgoc) wacl-9 (Resa) iiep ni CEE RY t Lt! =e ee Sooo (it FOR : epee). =5~ WCinv) aco 5 les = Bs]. . “Tay vole = 40). Wace bi & high gauth phase = (77 medure, pace =MB/.br ieiacs QROre N15 I = net = 2B XL1 -0-4)= Jo3 ee 0) (es eee eae 6 SB Jto-8 [138 Reet PRC Jagan | op09 3.3 h.9 Feit [ror ba pes Soni _{6+27 [7-09 haa | 26g) | an ec od hs 57) ind a send US Bien . = BASraf L, __ Co-l6 -006) iE CHa Fs 4 es3 Heap vets theme ts (hth has10d bo aloud Net borrows (NOK ¢ Deb hd!