Please apply the below excel functions and compute the value using the data set 1.

Data set 1: Hours delivered to Germany (

Month
1- Please compute the total hours delivered to Germany in "Jan-17" using the "Vlookup" Jan-16
function. Feb-16
Mar-16
Jan-17 Apr-16
Germany 585 May-16
Jun-16
Jul-16
2- Please compute the hours delivered to Frankfurt office in "Dec-16" using the Aug-16
"Hlookup" function. Sep-16
Oct-16
Dec-16 Nov-16
Frankfurt 184 Dec-16
Jan-17
Feb-17
3- Please compute the total hours delivered to Munich office in "calender year 2017" Mar-17
using the "Sumif" function. Apr-17
May-17
2017 Jun-17
Munich 1108 Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17

Please apply the below excel functions and compute the value using the data set 2.
Data set 2: Employee details

Employee ID
4- Please get the employee details in cells C35:C37 using the "index and match" 324567
functions. 234459
123567
Employee ID 324567 553777
First name Ziegler 234567
Surname Lucas 111456
Designation Analyst 251675
785672
ata set 1: Hours delivered to Germany (city-wise breakup)

Year Munich Frankfurt Düsseldorf Berlin Hamburg Stuttgart Nurnberg

2016 154 51 146 100 56 144 59
2016 48 68 182 26 126 152 31
2016 118 97 64 72 64 199 144
2016 185 159 148 87 176 16 12
2016 70 12 182 183 13 198 28
2016 158 126 91 92 69 65 100
2016 160 45 127 84 116 153 164
2016 155 146 110 23 44 64 52
2016 177 149 75 155 33 103 138
2016 29 109 34 132 139 135 176
2016 118 116 151 93 124 86 12
2016 165 184 173 188 49 28 106
2017 11 25 163 92 199 13 58
2017 152 195 25 140 191 143 137
2017 109 155 139 150 175 135 65
2017 152 53 96 197 58 24 102
2017 186 98 176 185 157 90 191
2017 70 195 50 61 130 163 163
2017 112 65 13 111 62 194 73
2017 133 163 22 114 190 44 10
2017 69 68 153 160 181 89 21
2017 14 194 133 17 34 108 10
2017 30 80 128 95 133 21 66
2017 70 183 30 183 40 70 66

ata set 2: Employee details

First name Surname Designation

Ziegler Lucas Analyst
Altmann Katharina Manager
Lenke Martin Consultant
Kratzer Philipp Benjamin Senior Manager
Dodd Aline Louise Analyst
Lindheim Benedikt Senior Analyst
Rauscher Dominik Maximilian Consultant
Marxreiter Florian Director
Kölnd to Germany
75 785
79 712
159 917
171 954
49 735
82 783
20 869
86 680
124 954
84 838
124 824
188 1081
24 585
131 1114
174 1102
81 763
94 1177
110 942
109 739
21 697
110 851
119 629
146 699
100 742
5- Based on the information given in data set 3, please compute the enterprise value of a
listed company ABC.

31-Dec-17
Enterprise value 950

6- Based on the information given in data set 4, please compute the levered beta and WACC
for a listed company ABC.

31-Dec-17
Levered beta 1.1x
WACC 12.20%

7- Based on the information given in data set 5, please do the DCF valuation and compute the
equity value for a company XYZ. Please also write step by step DCF valuation process along
with your view on the financial performance and valuation in the below given commentary
box.

Company XYZ manufactures passenger vehicles in the US with operating history of more than 20
years. The busines plan is prepared considering the future plans of the company.

Industry estimates
Estimated revenue growth for next 3 years: 10%
EBITDA margings is expected to remain in the range of 20%

Key DCF assumptions

Valuation date 31-Dec-17
Terminal growth 3%
WACC 8%
Tax rate 25%

DCF valuation
DCF valuation
2018E 2019E 2020E
EBIT 306 310 323
Less Tax 25% 25% 25%
Tax Adjusted Operating Profit 230 233 242

Add: D&A 24.00 26.00 28.00

Less: Changes in WC 15.00 3.00 7.50
Less: Capex 110 112 117
Terminal Value
FCFF 128.5 143.5 145.8 3,002.5
Discount period 1 2 3 3

PV OF Cash Flow 119.0 123.0 115.7 2383.4

EV 2741.2
 Equity value 2571.2 Please enter the final equity value in cell "C58".

Valuation commentary
The Company's expected EBITDA margin is 30.0% vis-à-vis the expected 20.0% of the Industry. The
company trades at an EBITDA Multiple of ~9x. As the company is expected to have a high FCFF to
Net Sales ratio, a good amount of cash is generated from sales. Moreover, with a current ratio of 1.5x
and a strong cash balance, the commpany mightl be able to do the capex without the need for any
additional debt. However, the compay is expcted to lag behind the industry level growth on topline
front, which can be a major concern.

8- Based on above valuation, please create a sensitivity table based on WACC and terminal
growth rate.

WACC
2571.2 7% 7.50% 8.00% 8.50% 9.00%
1.50%
Growth 2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
Data set 3: Key financial information of company ABC ($million)

31-Dec-17
Book value of equity 500
Market capital 700
Total debt 400
Cash 150
Short term investments 50
Deferred tax liability 100
Minority interest 50

Data set 4: WACC parameters of company ABC

31-Dec-17
Equity risk premium 7%
Risk free rate 3%
Unlevered beta 0.8
Cost of debt pre tax 6%
Tax rate 25%
Total debt ($million) 500
Equity ($million) 1000

Data set 5: Financial information of a company XYZ ($ million)

2017A 2017Budet 2018E 2019E

Revenue 1000 1050 1100 1120
COGS 500 525 550 560
Gross profit 500 525 550 560
Operating expenses 200 210 220 224
EBITDA 300 315 330 336
Depreciation and amortization 20 22 24 26
EBIT 280 293 306 310
Net interest expense 11 11 14 17
EBT 269 282 292 294
Tax 67 71 73 73
Net profit 202 212 219 220

Current assets
Cash 50 60 70 80
Inventory 200 210 220 224
Account receivables 200 210 220 224
Other current assets 50 52.5 55 56
Total current assets 500 532.5 565 584

Current liabilities
Trade payables 200 210 220 224
Short term debt 20 20 25 30
Other current liabilities 100 105 110 112
Total current liabilities 320 335 355 366

Total capital expenditure 100 105 110 112

Long term debt 200 200 250 300

Working capital 150 158 165 168
2020E
1170 10% 2% 4%
585
585
234
351
28
323
17
307 30% 30% 30%
77
230

90
234
234
58.5
616.5

234
30
117
381

117

300
176
9- Based on the information given in data set 6, please compute the following ratios.

31-Dec-17
ROE 20.0%
ROCE 20.0%
Total asset turnover 0.40x
Days of sales outstanding 113

10- Based on the information given in data set 7, please complete the balance sheet for 31
December 2017. Please use the below assumptions

Assumptions 31-Dec-17
Dividend paid 50
Capex 100
D&A 50

11- Company A has acquired 80% stake of company B for $500 million on 31 December 2017.
Based on the financial information given for Company A and B in data set 8, please complete the
post-acquisition balance sheet of company A.

Assumptions
Deal value for 80% stake 500
Stake acquired 80%

12- Based on the target company's description given below, please select the best suitable
companies from the list of peer companies by using "Yes/No" drodown given in column H. Please
mention your detail rationale for selecting the company in column C.

The target company produces wind energy in Sweden and generates 100% of its revenue from Sweden.
The company had total revenue of Euro 50 million in 2017. Select/R
eject
Company Comments
 ABO Invest AG No
CHORUS Clean Energy A No
Energiekontor AG No
PNE Wind AG No
Alerion Clean Power S.p.A No
Ecosuntek S.p.A. No
ERG S.p.A. No
Falck Renewables S.p.A. No
EDP Renováveis, S.A. No
Fersa Energías Renovables No
Saeta Yield, S.A. No
Polenergia SA No
Good Energy Group PLC No
Arise
Arise
is a
ABsuitable Yes
(publ) peer as its operations also lie in Sweden and the LTM sales number are in line with the target company
Greentech Energy System No

13- Based on the peer information given in data set 9, please choose the appropriate multiple for
the target company in cell "B76" and compute EV for the target company in cell "C77". Please also
provide rationale for choosing the multiple in explanation column.

Multiple Explanation
EV/EBITDA is the preferred multiple in comparing the
EV/Sales 2.6 relatie valuation of the company. As a lot of company’s
assets are fixed in nature, they are subject to depreciation.
EV/EBITDA 11.3 Thus, in such a case EBITDA multiple provides a much
better picture in terms of valuations as compared to the
sales or the EBIT multiple
EV/EBIT 30.7

Selected multiple
EV/EBITDA 11.3
EV 361.2
Data set 6: Key financial information of company ABC ($million)

31-Dec-17
Revenue 120
EBITDA 50
EBIT 40
Net profit 20
Account receivables 37
Inventory 23
Fixed assets 190
Non-operating assets 50
Total assets 300
Total debt 100
Total liabilities 200
Equity 100

Data set 7: Financial information

31-Dec-16 31-Dec-17
Revenue 1,000 1,200
Net profit 200 250

Balance sheet
Cash 300 400
Other current assets 200 200
Fixed assets 1,500 1,550
Total assets 2,000 2,150
Debt 500 500
Total liabilities 1,000 1,000
Equity 1,000 1,150

Data set 8: Financial information of Company A ($million) Data set 8: Financial information of C

Pre-acquisition Post-acquisition
Balance sheet Balance sheet
Cash 600 650 Cash
Other current assets 200 400 Other current assets
Fixed assets 1,500 2,000 Fixed assets
Goodwill - - Total assets
Total assets 2,300 3,050 Debt
Debt 500 600 Total liabilities
Total liabilities 1,000 1,250 Equity
Minority interest - 100
Equity excluding minority interest 1,300 1,700
Total liabilities and equity 2,300 3,050
- -

Data set 9: Wind energy producers (Euromillion)

Headquarters - Total Revenue - Market

Company Name Exchange:Ticker
Country LTM Capitalization
ABO Invest AG DUSE:ABO Germany 31 75
CHORUS Clean Energy AG DB:CU1 Germany 62 349
Energiekontor AG DB:EKT Germany 204 244
PNE Wind AG XTRA:PNE3 Germany 106 217
Alerion Clean Power S.p.A. BIT:ARN Italy 51 126
Ecosuntek S.p.A. BIT:ECK Italy 7 6
ERG S.p.A. BIT:ERG Italy 1,042 1,667
Falck Renewables S.p.A. BIT:FKR Italy 250 323
EDP Renováveis, S.A. ENXTLS:EDPR Spain 1,453 5,395
Fersa Energías Renovables, S.A. BME:FRS Spain 30 91
Saeta Yield, S.A. BME:SAY Spain 277 662
Polenergia SA WSE:PEP Poland 680 172
Good Energy Group PLC AIM:GOOD United Kingdom 106 47
Arise AB (publ) OM:ARISE Sweden 62 59
Greentech Energy Systems A/S CPSE:GES Denmark 46 92

Target company Sweden 50.0

ta set 8: Financial information of Company B ($million)

31-Dec-17

50
her current assets 200
500
750
100
250
500

Enterprise EBITDA EV/EBITDA EV/EBIT

D/E ratio Business Description EV/Sales (x)
value margins (x) (x)
 222 68.7% 4.6 ABO Invest AG produces and supplies ele 7.1 9.8 44.8
767 na na CHORUS Clean Energy AG owns and operate 12.3 17.8 37.5
443 31.3% 3.2 Energiekontor AG, a project developer, 2.2 6.4 8.7
444 30.0% 0.6 PNE WIND AG, together with its subsidia 4.2 44.5 NM
322 72.9% 2.6 Alerion Clean Power S.p.A. produces wind 6.3 9.2 21.4
38 9.4% 5.6 Ecosuntek S.p.A. produces electricity f 5.2 12.0 44.5
3,224 45.4% 1.2 ERG S.p.A., through its subsidiaries, en 3.1 6.5 13.5
922 50.8% 1.5 Falck Renewables S.p.A., together with 3.7 7.3 15.2
10,256 65.5% 0.5 EDP Renováveis, S.A., a renewable energ 7.1 9.0 19.8
223 na na Fersa Energias Renovables, S.A. engages 7.4 13.2 55.5
1,988 na na Saeta Yield, S.A. generates and distribu 7.2 10.0 19.7
322 5.3% 0.9 Polenergia SA, together with its subsidi 0.5 6.2 12.8
111 11.6% 3.2 Good Energy Group PLC, through its subs 1.1 10.9 16.1
164 51.5% 1.3 Arise AB (publ), together with its subs 2.6 11.3 30.7
245 na na Greentech Energy Systems A/S, an energ 5.3 8.1 17.4

20% 1.3 Average 2.6x 11.3x 30.7x

Median 2.6x 11.3x 30.7x