United Food Pakistan Balance Sheet for the y

ASSETS 2011 2012 2013 2014

Cash and short-term investments:-
Trade Debts 19324398 16,331,362 0 0
Cash and bank balances 1888535 1,745,275 4,185,344 6,920,791
Short term Investments 0 0 0 0
Total Cash and short-term investments 21212933 18,076,637 4,185,344 6,920,791
Receivables:-
Loans and advances 6,016,599 3,183,323 146,388 155,810
Other receivables 1,959,400 1,950,745 5,950,745 5,950,745
Total Receivables 7,975,999 5,134,068 6,097,133 6,106,555
Inventories:-
Stores, spare parts and loose tools 15,176,485 535,222 0 0
Stock-in-trade 0 0 0 0
Total Inventories 15,176,485 535,222 0 0
Other current assets:-
Due from subsidiary 2,388,514 1,956,987 0 3,792,102
Income tax / Advance Tax - net 517,432 606,084 457,869 210,877
Total current Assets 47,271,363 26,308,998 10,740,346 17,030,325

Property, plant, equipment 58,632,187 62,977,295 20,359,871 25,107,896

Intangibles 150,289 202,487 8,620,457 30,258,701
Other assets:-

Long term deposits and prepayments 30,850 60,289 66,578 69,878

TOTAL Other assets. 30,850 60,289 66,578 69,878
Total Non Current Assets 58,813,326 63,240,071 29,046,906 55,436,475
TOTAL ASSETS 106,084,689 89,549,069 39,787,252 72,466,800

LIABILITIES
Current Liabilities:-
Accounts Payable:-
Trade and other payables 5,890,257 4,580,214 3,568,792 3,965,788
Short term borrowings 6,202,905 5,202,598 4,974,101 3,680,258
Total Accounts Payable 12,093,162 9,782,812 8,542,893 7,646,046
Accrued expense:-
Accrued profit / interest / markup 856,574 896,691 452,547 230,897
Provision for taxation 121,450 565,782 125,792 123,578
Unpaid dividend 235,698 257,105 789,587 250,232
Unclaimed dividend 789,659 895,621 981,590 953,021
Other Current liabilities:-
Long term loans from banking company 512,400 857,930 810,236 201,047
Redeemable capital 465,392 2,108,360 901,725 735,014
Syndicated term finances 29,000 201,473 234,587 293,098
Liabilities against assets subject to finance lease 792,012 960,187 360,748 287,457
Total Current Liabilities 14,748,540 14,807,453 11,302,736 9,393,559

Non-Current Liabilities:-
Debt:-
Long term loans from banking companies 3,774,584 4,022,115 2,897,520 532,178
TOTAL Debt 3,774,584 4,022,115 2,897,520 532,178
Other Non Current liabilities:-
Redeemable capital 8,265,752 8,975,201 7,145,258 6,983,201
Retirement benefits 60,489 36,508 57,950 25,789
TOTAL Other Non Current liabilities. 8,326,241 9,011,709 7,203,208 7,008,990
Deferred taxes 2,114,100 2,009,066 1,904,860 2,208,403
Total Non-Current Liabilities 14,214,925 15,042,890 12,005,588 9,749,571
Total Liabilities 28,963,465 29,850,343 23,308,324 19,143,130
EQUITY
Common Stock 7,000,000 7,000,000 7,000,000 7,000,000
Capital Surplus / Loss 5,976,651 5,275,157 564,564 2,414,100
Retained Earnings 3,306,480 3,298,415 2,058,137 2,058,137
Less: treasury stock-total dollar amount 1,196,542 1,194,397 1,722,660 1,722,660
Surplus on Revaluation on PPE 5,548,120 5,298,809 5,051,836 4,891,515
Total Shareholders Equity 8,681,407 9,127,670 11,822,749 9,812,892

TOTAL LIABILITIES & EQUITY 37,644,872 38,978,013 35,131,073 28,956,022

alance Sheet for the year 2011 to 2020

2015 2016 2017 2018 2019 2020

0 0 0 1,148,211,099 3,063,574,186 7,812,790,409

4,100,202 1,558,815 1,751,068 9,958,442 40,043,834 173,183,262
0 0 0 0 0 0
4,100,202 1,558,815 1,751,068 1,158,169,541 3,103,618,020 7,985,973,671

217,069 221,449 0 107,098,427 30,920,000 95,612,739

5,483,716 5,007,019 1,007,019 30,995,650 1,050,000 10,761,361
5,700,785 5,228,468 1,007,019 138,094,077 31,970,000 106,374,100

0 0 0 0 30,913,536 64,470,283
0 0 0 1,479,257,110 3,201,229,920 5,362,401,409
0 0 0 1,479,257,110 3,232,143,456 5,426,871,692

0 0 0 258,749 326,579 321,158

359,783 104,793 204,589 357,820 2,089,638 2,998,017
10,160,770 6,892,076 2,962,676 2,776,137,297 6,370,147,693 13,522,538,638

75,412,369 32,579,924 25,202,048 62,014,250 102,579,322 157,832,625

502,892 302,589 509,876 152,059 92,579 50,289

67,505 71,258 63,210 75,208 60,258 69,514

67,505 71,258 63,210 75,208 60,258 69,514
75,982,766 32,953,771 25,775,134 62,241,517 102,732,159 157,952,428
86,143,536 39,845,847 28,737,810 2,838,378,814 6,472,879,852 13,680,491,066

4,102,369 5,569,874 2,052,847 6,020,548 7,852,256 9,874,025

4,510,289 6,205,780 3,254,875 7,520,259 8,235,975 10,257,963
8,612,658 11,775,654 5,307,722 13,540,807 16,088,231 20,131,988

239,640 60,879 296,987 336,753 753,309 658,923

125,478 256,852 236,548 897,532 158,235 902,325
 785,432 145,289 582,536 857,963 589,752 123,655
213,598 256,898 125,387 212,658 321,589 95,202

285,473 369,654 309,785 1,035,978 1,902,301 295,163

2,083,751 409,370 693,075 23,598 32,047 102,587
523,987 102,930 91,583 21,025 216,578 320,589
253,017 196,321 258,907 98,563 325,698 850,253
12,124,004 13,573,847 7,902,530 17,024,877 20,387,740 23,480,685

69,862 1,097,532 3,960,753 19,536,982 23,751,034 19,630,752

69,862 1,097,532 3,960,753 19,536,982 23,751,034 19,630,752

2,563,213 3,265,452 7,895,425 1,548,693 2,036,415 1,058,729

21,369 52,044 201,587 362,014 420,530 820,524
2,584,582 3,317,496 8,097,012 1,910,707 2,456,945 1,879,253
2,698,454 4,124,673 4,024,363 3,418,172 3,705,927 3,379,440
5,352,898 8,539,701 16,082,128 24,865,861 29,913,906 24,889,445
17,476,902 22,113,548 23,984,658 41,890,738 50,301,646 48,370,130

7,000,000 7,000,000 7,000,000 7,000,000 9,000,000 15,000,000

5,576,181 9,372,617 12,006,120 14,967,338 16,945,810 13,310,143
2,058,137 2,058,137 2,058,137 5,640,300 5,640,300 6,588,813
1,722,660 1,722,660 1,722,660 1,062,993 3,062,993 4,016,538
4,751,082 4,587,255 4,323,909 4,264,543 3,884,480 3,667,156
17,662,740 21,295,349 23,665,506 30,809,188 32,407,597 34,549,574

35,139,642 43,408,897 47,650,164 72,699,926 82,709,243 82,919,704

 Maple Leaf
2011
Sales 13,073,218
Cost of goods sold 10,898,059
Gross Profit 2,175,159
Distribution cost 1,646,632
Administrative expenses 230,788
Other operating expenses 162,394
2,039,814
Other operating income 450,153
Profit from operations 585,498
Finance cost 2,166,409
Profit / (loss) before taxation (1,580,911)
Taxation 188,125
Profit / (loss) after taxation (1,769,036)
Net income (loss) -1769036
Maple Leaf Cement Factory Limited INCOME STATEMENTS,2011-2020 (Rs in 000)
2012 2013 2014 2015 2016 2017 2018
15,461,356 17,357,376 18,968,547 20,720,054 23,416,196 23,885,410 25,684,164
11,446,583 11,312,341 12,445,562 13,224,431 13,403,591 14,509,777 17,158,820
4,014,773 6,045,035 6,522,985 7,495,623 10,012,605 9,375,633 8,525,344
846,098 797,751 1,054,336 1,313,696 1,359,896 1,275,182 1,229,515
258,433 254,065 296,689 381,363 508,262 636,170 739,264
149,681 167,239 197,372 263,187 659,631 536,369 436,443
1,254,212 1,219,055 1,548,397 1,958,246 2,527,789 2,447,721 2,405,222
34,070 41,287 80,585 46,173 26,466 115,922 63,036
2,794,631 4,867,267 5,055,173 5,583,550 7,511,282 7,043,834 6,183,158
2,350,565 1,704,652 1,464,772 1,082,639 435,530 174,247 847,318
444,066 3,162,615 3,590,401 4,500,911 7,075,752 6,869,587 5,335,840
52,128 62,080 760,227 1,046,616 2,232,953 2,093,275 763,035
496,194 3,224,695 2,830,174 3,454,295 4,842,799 4,776,312 4,572,805
496194 3224695 2830174 3454295 4842799 4776312 4572805
0 (Rs in 000)
2019 2020
26,005,944 29,117,734
19,944,348 28,532,280
6,061,596 585,454
933,244 817,058
741,081 791,137
548,748 160,660
2,223,073 1,768,855
51,626 145,879
3,890,149 (1,037,522)
1,231,011 2,896,971
2,659,138 (3,934,493)
198,877 375,134
2,460,261 (3,559,359)
2460261 -3559359
 MAPLE LEAF CEMENT FACTORY LIMITED ANALYS

Year Sales

2010 13,630,511
2011 13,073,218
2012 15,461,356
2013 17,357,376
2014 18,968,547
2015 20,720,054
2016 23,416,196
2017 23,885,410
2018 25,684,164
2019 26,005,944
2020 29,117,734

Compound growth rate 7.89%

PROFIT & LOSS ANAL

Profit and loss historical ratios 2011
COGS/Sales 83.36%
Gross Profit/Sales 16.64%
Distribution cost/Sales 12.60%
Administrative expenses/Sales 1.77%
Other operating expenses/Sales 1.24%

Other operating income/Sales 3.44%

Finance cost/ Average Debt 55.57%
Taxation/Profit before taxation -11.90%

PROFIT & LOSS - Model Parameters

COGS/Sales 71.15%
Gross Profit/Sales 28.85%
Distribution cost/Sales 5.69%
Administrative expenses/Sales 2.16%
Other operating expenses/Sales 1.49%
Other operating income/Sales 0.61%
Finance Cost 29.51%
Tax Rate -9.53%
Dividend growth 4.13%
TORY LIMITED ANALYSIS OF SALES 2010-2020

Year On
Year Growth

-4.09%
18.27%
12.26%
9.28%
9.23%
13.01%
2.00%
7.53%
1.25%
11.97%

PROFIT & LOSS ANALYSIS

2012 2013 2014 2015 2016 2017 2018 2019
74.03% 65.17% 65.61% 63.82% 57.24% 60.75% 66.81% 76.69%
25.97% 34.83% 34.39% 36.18% 42.76% 39.25% 33.19% 23.31%
5.47% 4.60% 5.56% 6.34% 5.81% 5.34% 4.79% 3.59%
1.67% 1.46% 1.56% 1.84% 2.17% 2.66% 2.88% 2.85%
0.97% 0.96% 1.04% 1.27% 2.82% 2.25% 1.70% 2.11%

0.22% 0.24% 0.42% 0.22% 0.11% 0.49% 0.25% 0.20%

67.94% 99.41% 486.60% 185.48% 17.22% 1.48% 3.91% 5.68%
11.74% 1.96% 21.17% 23.25% 31.56% 30.47% 14.30% 7.48%

Average
Average
Average
Average
Average
Average
Most Recent
Most Recent
Calculation is done on the sheet for PPG
2020
97.99%
2.01%
2.81%
2.72%
0.55%

0.50%
29.51%
-9.53%
BalanceSheet--Historical Ratios
ASSETS 2011 2012 2013 2014
Cash and short-term investments
Receivables/Sales 61.01% 33.21% 35.13% 32.19%
Inventories/Sales 116.09% 3.46% 0.00% 0.00%
Other current assets/Sales 22.23% 16.58% 2.64% 21.10%

Property, plant, equipment/Sales 448.49% 407.32% 117.30% 132.37%

Intangibles/Sales 1.15% 1.31% 49.66% 159.52%

Other assets/Sales 0.24% 0.39% 0.38% 0.37%

Other assets, growth rate since 2011 -8.63%

LIABILITIES
Accounts payable/Sales 92.50% 74.83% 49.22% 44.05%
Accrued expense/Sales 15.32% 16.91% 13.54% 8.21%
Other Current liabilities/Sales 13.76% 26.70% 13.29% 8.00%

Debt
Debt/Equity Err:508 Err:508 Err:508 Err:508
Debt/Assets Err:508 Err:508 Err:508 Err:508

Other liabilities/Sales Err:508 Err:508 Err:508 Err:508

Other liabilities, growth rate since 2011 17.99%

ASSETS 2020
Cash and short-term investments Constant
Receivables/Sales 124.15% Average
Inventories/Sales 3694.51% Average
Other current assets/Sales 8.87% Average

Property, plant, equipment, net Constant

Intangibles/Sales Constant

Other assets, growth rate since 2011 -8.63%

LIABILITIES
Accounts payable/Sales 57.72% Average
Accrued expense/Sales 9.09% Average
Other Current liabilities/Sales 295163 Constant at Current Level

Debt/Assets Err:508 Current Level

Deffered Taxes 7.89% Grows at Sales Level
Other liabilities, growth rate since 2011 17.99%

EQUITY
Common Stock 15000000
Capital Surplus 13310143
Retained Earnings
treasury stock-total dollar amount Plug
 2015 2016 2017 2018 2019 2020

27.51% 22.33% 4.22% 537.66% 122.93% 365.32%

0.00% 0.00% 0.00% 5759.41% ### ###
1.74% 0.45% 0.86% 2.40% 9.29% 11.40%

363.96% 139.13% 105.51% 241.45% 394.45% 542.05%

2.43% 1.29% 2.13% 0.59% 0.36% 0.17%

0.33% 0.30% 0.26% 0.29% 0.23% 0.24%

41.57% 56.83% 22.22% 56.69% 61.86% 77.41%

6.58% 3.07% 5.20% 8.97% 7.01% 6.11%
15.18% 4.60% 5.67% 4.59% 9.52% 5.39%

Err:508 Err:508 Err:508 Err:508 Err:508 Err:508

Err:508 Err:508 Err:508 Err:508 Err:508 Err:508

Err:508 Err:508 Err:508 Err:508 Err:508 Err:508

 MODEL for FIRST YEAR
Profit & Loss Assumptions
Sales growth 7.89% growth
COGS/Sales 71.15% cogs_sales
Distribution cost/Sales 5.69% dc_sales
Administrative expenses/Sales 2.16% Adm exp_per
Other operating expenses/Sales 1.49% Other Op exp_sales
Other Operating Income 0.61% Other Op inc_sales
Growth rate of total dividends 4.13% divgrowth
Tax rate -9.53% tax
Finance Cost 29.51%

Balance Sheet Assumptions

Assets
Cash and short-term investments constant
Receivables/Sales 124.15%
Inventories/Sales 3694.51%
Intangibles/Sales Constant
Other current assets/Sales 8.87%
Property, plant, equipment, net constant
Other assets, annual growth rate -8.63%

Liabilities
Accounts payable/Sales 57.72%
Accrued expense/Sales 9.09%
Other current liabilities/Sales constant

Debt/Assets Err:508
Deferred taxes 7.89%
Minority interest constant
Other liabilities, annual growth 17.99%
Treasury stock plug

Maple Leaf Cement Factory Limited

PROFIT AND LOSS 2020 2021

Sales 29,117,734 31,413,919
Cost of goods sold 28,532,280 22,350,381
Gross Profit 585,454 9,063,538
Distribution cost 817,058 1,787,148
Administrative expenses 791,137 678,043
Other operating expenses 160,660 468,325
1,768,855 2,933,517
Other operating income 145,879 191,390
Profit from operations (1,037,522) 6,321,411
Finance cost 2,896,971 1,865,740
Profit / (loss) before taxation (3,934,493) 4,455,670
Taxation 375,134 (424,826)
Profit / (loss) after taxation (3,559,359) 4,030,845
Net income (loss) -3559359 4030845

Maple Leaf Cement Factory Limited Forecas

ASSETS 2020 2021

Cash and short-term investments:-
Cash and bank balances 4378215 4378215
Total Cash and short-term investments 4378215 4378215
Receivables:-
Total Receivables 531,463 39,000,815
Inventories:-
Total Inventories 10,642,637 1,160,591,264
Other current assets:-
Other current assets 1,821,238 2,785,719
Total current Assets 17,373,553 1,206,756,013

Property, plant, equipment 49,539,836 49,539,836

Intangibles 9,023 9,023
Other assets:-
TOTAL Other assets. 75,616 69,089
Total Non Current Assets 49,624,475 49,617,948
TOTAL ASSETS 66,998,028 1,256,373,962

LIABILITIES
Current Liabilities:-
Accounts Payable:-
Total Accounts Payable 15,357,346 18,131,818
Accrued expense:-
Accrued expense 557,987 2,856,774
Other Current liabilities:-
Other Current liabilities 125,000 125,000
Total Current Liabilities 16,040,333 21,113,591
Non-Current Liabilities:-
Debt:-
TOTAL Debt 12,214,722 Err:508
Other Non Current liabilities:-
TOTAL Other Non Current liabilities. 813,959 960,355
Deferred taxes 3,379,440 3,645,938
Total Non-Current Liabilities 16,408,121 Err:508
Total Liabilities 32,448,454 Err:508

EQUITY
Common Stock 15,000,000 15,000,000
Capital Surplus / Loss 13,310,143 13,310,143
Retained Earnings 6,588,813 6,588,813
Less: treasury stock-total dollar amount 4,016,538 4,016,538
Surplus on Revaluation on PPE 3,667,156 3,791,090
Total Shareholders Equity 34,549,574 34,673,508

TOTAL LIABILITIES & EQUITY 66,998,028 Err:508

EAR

Total Assets = All current liabilities + Deb + Deffered taxes + minority interest + other liabilities + common stock + c

Leaf Cement Factory Limited Forecasted INCOME STATEMENTS, 2020-2030 (Rs in 000)

2022 2023 2024 2025 2026 2027

33,891,178 36,563,790 39,447,161 42,557,910 45,913,969 49,534,682
24,112,902 26,014,412 28,065,873 30,279,110 32,666,879 35,242,945
9,778,276 10,549,378 11,381,287 12,278,800 13,247,090 14,291,737
1,928,080 2,080,126 2,244,162 2,421,133 2,612,061 2,818,044
 731,513 789,199 851,434 918,577 991,015 1,069,165
505,257 545,101 588,087 634,462 684,495 738,473
3,164,850 3,414,426 3,683,683 3,974,173 4,287,571 4,625,683
206,482 222,765 240,332 259,284 279,731 301,791
6,819,908 7,357,717 7,937,937 8,563,912 9,239,250 9,967,845
2,012,870 2,171,602 2,342,852 2,527,606 2,726,930 2,941,972
4,807,038 5,186,115 5,595,085 6,036,306 6,512,320 7,025,873
(458,327) (494,470) (533,463) (575,531) (620,917) (669,881)
4,348,712 4,691,645 5,061,622 5,460,774 5,891,404 6,355,992
4348712 4691645 5061622 5460774 5891404 6355992

ment Factory Limited Forecasted BALANCE SHEET, 2020-2030 (Rupees in thousand)

2022 2023 2024 2025 2026 2027

4378215 4378215 4378215 4378215 4378215 4378215

4378215 4378215 4378215 4378215 4378215 4378215

42,076,366 45,394,451 48,974,196 52,836,234 57,002,828 61,497,993

1,252,113,912 1,350,853,911 1,457,380,413 1,572,307,449 1,696,297,475 1,830,065,185

3,005,397 3,242,399 3,498,090 3,773,945 4,071,553 4,392,630

1,301,573,890 1,403,868,976 1,514,230,913 1,633,295,843 1,761,750,070 1,900,334,024

49,539,836 49,539,836 49,539,836 49,539,836 49,539,836 49,539,836

9,023 9,023 9,023 9,023 9,023 9,023

63,126 57,678 52,699 48,151 43,995 40,198

49,611,985 49,606,537 49,601,558 49,597,010 49,592,854 49,589,057
1,351,185,876 1,453,475,513 1,563,832,472 1,682,892,853 1,811,342,924 1,949,923,080

19,561,668 21,104,274 22,768,529 24,564,024 26,501,110 28,590,951

3,082,055 3,325,101 3,587,314 3,870,205 4,175,404 4,504,671

125,000 125,000 125,000 125,000 125,000 125,000

22,768,723 24,554,376 26,480,843 28,559,229 30,801,514 33,220,622
Err:508 Err:508 Err:508 Err:508 Err:508 Err:508

960,355 960,355 960,355 960,355 960,355 960,355

3,645,938 3,645,938 3,645,938 3,645,938 3,645,938 3,645,938
Err:508 Err:508 Err:508 Err:508 Err:508 Err:508
Err:508 Err:508 Err:508 Err:508 Err:508 Err:508

15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

13,310,143 13,310,143 13,310,143 13,310,143 13,310,143 13,310,143
6,588,813 6,588,813 6,588,813 6,588,813 6,588,813 6,588,813
4,016,538 4,016,538 4,016,538 4,016,538 4,016,538 4,016,538
3,421,421 3,022,839 2,593,057 2,129,607 1,629,824 1,090,836
34,303,839 33,905,257 33,475,475 33,012,025 32,512,242 31,973,254

Err:508 Err:508 Err:508 Err:508 Err:508 Err:508

liabilities + common stock + capital surplus + retained earnings - treasury stock

0 (Rs in 000)

2028 2029 2030

53,440,920 57,655,198 62,201,808
38,022,156 41,020,531 44,255,355
15,418,764 16,634,667 17,946,454
3,040,271 3,280,023 3,538,681
 1,153,478 1,244,440 1,342,575
796,709 859,536 927,318
4,990,458 5,383,999 5,808,573
325,589 351,265 378,965
10,753,895 11,601,933 12,516,846
3,173,971 3,424,267 3,694,300
7,579,924 8,177,666 8,822,546
(722,707) (779,699) (841,185)
6,857,217 7,397,967 7,981,361
6857217 7397967 7981361

ousand)

2028 2029 2030

4378215 4378215 4378215

4378215 4378215 4378215

66,347,641 71,579,726 77,224,406

1,974,381,636 2,130,078,685 2,298,053,792

4,739,027 5,112,740 5,515,924

2,049,846,519 2,211,149,366 2,385,172,336

49,539,836 49,539,836 49,539,836

9,023 9,023 9,023

36,728 33,558 30,662

49,585,587 49,582,417 49,579,521
2,099,432,106 2,260,731,783 2,434,751,857

30,845,595 33,278,036 35,902,297

4,859,903 5,243,149 5,656,616

125,000 125,000 125,000

35,830,498 38,646,185 41,683,913
Err:508 Err:508 Err:508

960,355 960,355 960,355

3,645,938 3,645,938 3,645,938
Err:508 Err:508 Err:508
Err:508 Err:508 Err:508

15,000,000 15,000,000 15,000,000

13,310,143 13,310,143 13,310,143
6,588,813 6,588,813 6,588,813
4,016,538 4,016,538 4,016,538
509,545 117,393 -793,583
31,391,963 30,999,811 30,088,835

Err:508 Err:508 Err:508

 Year 2021 2022 2023 2024
Profit After Tax 4030845 4348712 4691645 5061622
Add: Depreciation 0 0 0 0
Add: Change in net workign capital ### ### ### ###
Subtract: Increase in operating Current assets ### ### ### ###
Add: Increase in Current Liabilities 5073258 1655132 1785653 1926467
Subtract: Increase in capital expenditure 0 0 0 0
Subtract: Increase in other assets 6527 5963 5449 4978
Add: After-tax interest on debt 0 0 0 0
FREE CASH FLOW 5370591 ### ### ###
2025 2026 2027 2028 2029 2030
5460774 5891404 6355992 6857217 7397967 7981361
0 0 0 0 0 0
### ### ### ### ### ###
### ### ### ### ### ###
2078386 2242285 2419108 2609876 2815687 3037728
0 0 0 0 0 0
4549 4156 3797 3470 3170 2896
0 0 0 0 0 0
### ### ### ### ### ###
 Year 2021 2022 2023 2024
Profit After Tax 4030845 4348712 4691645 5061622
Add: Depreciation 0 0 0 0
Add: Change in net workign capital 1185642422 ### ### ###
Subtract: Increase in operating Current assets -1189382460 ### ### ###
Add: Increase in Current Liabilities 5073258 1655132 1785653 1926467
Subtract: Increase in capital expenditure 0 0 0 0
Subtract: Increase in other assets 6527 5963 5449 4978
Add: After-tax interest on debt 0 0 0 0
FREE CASH FLOW 5370591 ### ### ###

Weighted average cost of capital 10%

Long term free cash flow growth rate 6%

Years 2021 2022 2023

Free cashflows 5370591 ### ###
Terminal Value
Total 5370591 ### ###

Discounted Value 31963549306

Add back initial cash 4378215
Value of the firm 31967927521
Subtract value of firm's debt today 16,408,121
Implied Equity Value 31951519400

Number of Shares Outstanding today 123.2

Implied value per share 259346748

Suppose if market price per share today 35.20

PPG over or under valued? Undervalued

2025 2026 2027 2028 2029 2030
5460774 5891404 6355992 6857217 7397967 7981361
0 0 0 0 0 0
### ### ### ### ### ###
### ### ### ### ### ###
2078386 2242285 2419108 2609876 2815687 3037728
0 0 0 0 0 0
4549 4156 3797 3470 3170 2896
0 0 0 0 0 0
### ### ### ### ### ###

2024 2025 2026 2027 2028 2029 2030

### ### ### ### ### ### 2180487439
57782917129
### ### ### ### ### ### 59963404568
Date S&P 500 Close S&P Return
1/1/2011 1,286.12
2/1/2011 1,327.22 3.15%
3/1/2011 1,325.83 -0.10%
4/1/2011 1,363.61 2.81%
5/1/2011 1,345.20 -1.36%
6/1/2011 1,320.64 -1.84%
7/1/2011 1,292.28 -2.17%
8/1/2011 1,218.89 -5.85%
9/1/2011 1,131.42 -7.45%
10/1/2011 1,253.30 10.23%
11/1/2011 1,246.96 -0.51%
12/1/2011 1,257.60 0.85%
1/1/2012 1,312.41 4.27%
2/1/2012 1,365.68 3.98%
3/1/2012 1,408.47 3.09%
4/1/2012 1,397.91 -0.75%
5/1/2012 1,310.33 -6.47%
6/1/2012 1,362.16 3.88%
7/1/2012 1,379.32 1.25%
8/1/2012 1,406.58 1.96%
9/1/2012 1,440.67 2.39%
10/1/2012 1,412.16 -2.00%
11/1/2012 1,416.18 0.28%
12/1/2012 1,426.19 0.70%
1/1/2013 1,498.11 4.92%
2/1/2013 1,514.68 1.10%
3/1/2013 1,569.19 3.54%
4/1/2013 1,597.57 1.79%
5/1/2013 1,630.74 2.06%
6/1/2013 1,606.28 -1.51%
7/1/2013 1,685.73 4.83%
8/1/2013 1,632.97 -3.18%
9/1/2013 1,681.55 2.93%
10/1/2013 1,756.54 4.36%
11/1/2013 1,805.81 2.77%
12/1/2013 1,848.36 2.33%
1/1/2014 1,782.59 -3.62%
2/1/2014 1,859.45 4.22%
3/1/2014 1,872.34 0.69%
4/1/2014 1,883.95 0.62%
5/1/2014 1,923.57 2.08%
6/1/2014 1,960.23 1.89%
7/1/2014 1,930.67 -1.52%
8/1/2014 2,003.37 3.70%
9/1/2014 1,972.29 -1.56%
10/1/2014 2,018.05 2.29%
11/1/2014 2,067.56 2.42%
12/1/2014 2,058.90 -0.42%
1/1/2015 1,994.99 -3.15%
2/1/2015 2,104.50 5.34%
3/1/2015 2,067.89 -1.75%
4/1/2015 2,085.51 0.85%
5/1/2015 2,107.39 1.04%
6/1/2015 2,063.11 -2.12%
7/1/2015 2,103.84 1.95%
8/1/2015 1,972.18 -6.46%
9/1/2015 1,920.03 -2.68%
10/1/2015 2,079.36 7.97%
11/1/2015 2,080.41 0.05%
12/1/2015 2,043.94 -1.77%
1/1/2016 1,940.24 -5.21%
2/1/2016 1,932.23 -0.41%
3/1/2016 2,059.74 6.39%
4/1/2016 2,065.30 0.27%
5/1/2016 2,096.96 1.52%
6/1/2016 2,098.86 0.09%
7/1/2016 2,173.60 3.50%
8/1/2016 2,170.95 -0.12%
9/1/2016 2,168.27 -0.12%
10/1/2016 2,126.15 -1.96%
11/1/2016 2,198.81 3.36%
12/1/2016 2,238.83 1.80%
1/1/2017 2,278.87 1.77%
2/1/2017 2,363.64 3.65%
3/1/2017 2,362.72 -0.04%
4/1/2017 2,384.20 0.91%
5/1/2017 2,411.80 1.15%
6/1/2017 2,423.41 0.48%
7/1/2017 2,470.30 1.92%
8/1/2017 2,471.65 0.05%
9/1/2017 2,519.36 1.91%
10/1/2017 2,575.26 2.19%
11/1/2017 2,647.58 2.77%
12/1/2017 2,673.61 0.98%
1/1/2018 2,823.81 5.47%
2/1/2018 2,713.83 -3.97%
3/1/2018 2,640.87 -2.73%
4/1/2018 2,648.05 0.27%
5/1/2018 2,705.27 2.14%
6/1/2018 2,718.37 0.48%
7/1/2018 2,816.29 3.54%
8/1/2018 2,901.52 2.98%
9/1/2018 2,913.98 0.43%
10/1/2018 2,711.74 -7.19%
11/1/2018 2,760.17 1.77%
12/1/2018 2,506.85 -9.63%
1/1/2019 2,704.10 7.57%
2/1/2019 2,784.49 2.93%
3/1/2019 2,834.40 1.78%
4/1/2019 2,945.83 3.86%
5/1/2019 2,752.06 -6.80%
6/1/2019 2,941.76 6.67%
7/1/2019 2,980.38 1.30%
8/1/2019 2,926.46 -1.83%
9/1/2019 2,976.74 1.70%
10/1/2019 3,037.56 2.02%
11/1/2019 3,140.98 3.35%
12/1/2019 3,230.78 2.82%
1/1/2020 3,225.52 -0.16%
2/1/2020 2,954.22 -8.79%
3/1/2020 2,584.59 -13.37%
4/1/2020 2,912.43 11.94%
5/1/2020 3,044.31 4.43%
6/1/2020 3,100.29 1.82%
7/1/2020 3,271.12 5.36%
8/1/2020 3,500.31 6.77%
9/1/2020 3,363.00 -4.00%
10/1/2020 3,269.96 -2.81%
11/1/2020 3,621.63 10.21%
12/1/2020 3,756.07 3.64%
 CALCULATING THE GORDON MOD

Number of Shares Outstanding today Sep 2020 123.2

Share price 30 Sep 2020 35.20
Equity value, Sep 2020 4336.64

Method 1: Gordon using only dividends

Share price 30 Sep 2020 35.20
Dividend 2020 0
Anticipated dividend growth 4.13%
Ke or Cost of Equity using only diidends 4.1300%

Method 2: Gordon using equity payout

Toal equity payout, 2020 0
Anticipated growth of this payout 4.13%
Ke or Cost of Equity using equity payout 4.13%
G THE GORDON MODEL KE FOR MLCF