Tax Rate 21%

Discount Rate 15%

Growth after 2023 3%

Revenues 100 K/store

Cost of Goods Sold 20% of revenue
SG&A 3 K/store
Rental 30 K/store
Depreciation 10% of existing Property, Plant and Equipment (Gross)

CAPEX 200 K/store

Inventories 50 K/store

Operating Assumptions
2018 2019 2020 2021 2022 2023
Existing stores 20 20 25 30 35 40
New stores 0 5 5 5 5 0
Total stores (end of year) 20 25 30 35 40 40
Income Statement

2018 2019 2020 2021 2022 2023

Revenues
Cost of Goods Sold (COGS)
Gross Margin
Sales, General and Administrative (SG&A)
Rental
Depreciation
Earnings Before Interest and Taxes
Tax
EBIAT = EBIT * (1-T)

Auxilliary calculations:

Capital Expenditures (CAPEX) calculation

2018 2019 2020 2021 2022 2023

Property, Plant and Equipment (Gross)
Accumulated Depreciation
Property, Plant and Equipment (Net)
Capital Expenditures

Change in Net Working Capital calculation

 2018 2019 2020 2021 2022 2023
Inventory
Change in Inventory
Free Cash Flow to the Firm
1 2 3 4 5
2018 2019 2020 2021 2022 2023 2024
EBIT * (1-T)
+Depreciation
-Change in Working Capital
-CAPEX

FCF to the Firm

Terminal Value

PV(FCF)

Enterprise Value