Compania EXEMPLU

Studentii vor utiliza acest exemplu pentru a estima valoarea de piata a companiei subiec
P&L Estimates
Example

Indicator
Sales
Other operating Revenues
Total operating revenues
Operating Profit
Depreciations and impairment
EBITDA
Finance Cost
Other financial expenses
Result before tax
Income Tax expenses
Net Profit
Indicator
Cifra de afaceri
Alte venituri din exploatare
Total venituri din exploatare
Rezultat operational
Amortizare
EBITDA
Cheltuieli financiare
Alte venituri/chelt financiare
Rezultat Brut
Impozit pe profit
Profit Net

Increasing in op.revenues Crestere venituri operationale

Operating margins Marja operationala
EBITDA margin Marja EBITDA

Working Capital Capital de lucru

Inventories
Accounts receivables
Cash and equiv
Prepayments/ Other recevables
Total current liabilities
Working capital
Working capital/op.revenues
Increasing in working capital
Inventory Turnover (days)
Receivable turnover (days)
Days Payable
Stocuri
Creante
Disponibil si asimilate
Ch in avans si alte creante
Total datorii pe termen scurt
Capital de lucru
Crestere capital de lucru
Rotatia stocurilor (zile)
Recuperarea creantelor (zile)
Perioada de achit.a datoriilor (zile)

Indicator
Net operational profit Rezultat operational net
Changing in working capital Modificare capital de lucru

Depreciation Amortizare
Investments Investiti estimate

CFF CFF (Cash Flow la dispozitia firmei)

Discount rate 12,5%, g=2,5%
DCF CF la dispozitia firmei actualizat

DCF
Minus Debt
Equity
Nr of shares
Market Value/Target Price
Price Pret actiune pe bursa
Value/ Price

Short term bank debt

Long term debt
Total Debt
oarea de piata a companiei subiect pt proiect de evaluare
mil.RON

2022 2023 2024 2025 2026 2027 2028

prel
52,043,380.0 63,971,705.0 73,567,460.8 82,395,556.0 91,459,067.2 96,032,020.6
16,154,353.0 43,059.0 0.0 0.0 0.0 0.0
67,413,513.0 74,936,142.0 73,567,460.8 82,395,556.0 91,459,067.2 96,032,020.6
62.2 79.9 89.5 99.3 109.3 114.7
52.0 61.6 54.0 56.0 58.0 60.0
114.2 141.5 143.5 155.3 167.3 174.7
232,467.0 117,013.0 3.6 3.8 3.6 3.5

59.1 78.9 85.9 95.5 105.7 111.2

10.8 12.5 13.7 15.3 16.9 17.8
48.3 66.4 72.1 80.2 88.8 93.4

-5.7% 11.2% -1.8% 12.0% 11.0% 5.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

23.0 31.0 4,031,093.7 4,514,825.0 5,011,455.7 5,262,028.5

54.7 47.8 6,743,683.9 7,552,926.0 8,383,747.8 8,802,935.2
55.1 58.9 58.9 58.9 58.9 58.9
16.8 10.7 10.7 10.7 10.7 10.7
63.9 55.1 8,174,162.3 9,155,061.8 10,162,118.6 10,670,224.5
85.7 93.2 2,600,684.9 2,912,758.7 3,233,154.5 3,394,808.8
0% 0% 4% 4% 4% 4%
7.5 2,600,591.7 312,073.8 320,395.8 161,654.2
0 0 20 20 20 20
0 0 33 33 33 33
0 0 40 40 40 40

Perpetuity/
2024 2025 2026 2027 residual Value
75.2 83.4 91.8 96.4 98.8
-2,600,591.7 -312,073.8 -320,395.8 -161,654.2 -165,695.6

54.0 56.0 58.0 60.0 60.0

-60.0 -60.0 -60.0 -60.0 -60.0

-2,600,522.5 -311,994.4 -320,306.0 -161,557.9 -1,655,968.2

1.0000 0.8889 0.7901 0.7023 0.6243 0.6243
 -2,311,575.6 -246,514.1 -224,961.2 -100,859.8 -1,033,812.8

-3,917,723.4 mil.lei
-77.9 mil.lei
-3,917,801.3 mil.lei
30.000 mil
-130,593.4 RON/share
20.0 RON/share
-6,529.67 times

41.3
36.6
77.9
Ipoteze