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Acq_DCF69 Acq_DCF_Tablek_ Acq_WACC Targ_BSZ Targ_IS Targ_CF Targ_Debt_Repayw Targ_D&AC Targ_SHEDR Targ_WC&BS_Assumea Targ_IS_Assume Targ_Perform_Assume/C Targ_FCFF_ Targ_DCFv Targ_DCF_Table+)bLBO Model Template1 Sources_Uses Balance_SheetIncome_Statement Cash_FlowDebt_RepaymentBook_DepreciationTax_DepreciationRatio_AnalysisWC_BS_AssumptionsInc_Stmt_AssumptionsPerformance_Assumptions Asset_SalesCapital_StructureIncome_Tax_CalcFree_Cash_Flow_Summary DCF_Analysis WACC_PageReturns_Calculation. ""!! ##%%$$&&''((  Case: EXIT_YEAR:)" New_Cogs;- " New_Exp1;- " New_Exp2;-#% " New_Exp3;-)+ " New_Exp4;-/1 # New_Sales;-  ! New_SGA;-   ;Q  ;O  ; )  ;P   ;;  ; +  ; (   ;(  ;+0  ;Q  ;')  ;!P   ;<  ;$+  ;#(   ;O  ;"(  ;Q  ;O  );)  !;P   ;:  %;+  &;(   $;(Scenario:,SffpP @@ ;( %    &3  @@   i Project XXX&Historical and Projected Balance Sheet Historical ProjectedASSETSCurrent Assets:Cash & Marketable SecuritiesAccounts Receivable InventoriesOther Current Assets #2Other Current Assets #3Total Current AssetsNonCurrent Assets:Net PP&EOther NC Assets #2Other NC Assets #3Total NonCurrent Assets TOTAL ASSETSLIABILITIES & EQUITYCurrent Liabilities:Accounts PayableOther Current Liabilities #1Other Current Liabilities #2Other Current Liabilities #3Total Current LiabilitiesMinority InterestLong Term Debt: Existing Debt Bank RevolverSenior Bank Term "A"Senior Bank Term "B"Total Long Term DebtTOTAL LIABILITIES Net Worth:Equity - Common - PreferredRetained EarningsTOTAL NET WORTHTOTAL LIABILITIES & EQUITYBalance Sheet CheckOther Current Assets #4Other Current Assets #5Goodwill and Intangible AssetsOther Current Liabilities #4Other Current Liabilities #5Other Long-Term Debt #1Other Long-Term Debt #2Other Long-Term Debt #3Other Long-Term Debt #4ProFormaBeginning Shareholder's Equity Net IncomeAdjustments to Net IncomeCommon Stock DividendsEnding Shareholder's EquityShareholder's Equity Schedule)Historical and Projected Income Statement Net SalesCost Of Goods Sold Gross MarginOperating Expenses:SG&AOther Expense #1Other Expense #2Other Expense #3Other Expense #4SubtotalConsolidated EBITDAInterest IncomeInterest Expense:Total Interest ExpenseNet Income Before TaxesProvision For Income TaxesPreferred DividendsConsolidated EBITDepreciation & DepletionIntangible AmortizationNet Income To CommonExtraordinary Gain (Loss)Working Capital Source (Use):!(Increase) In Net Working CapitalCapital Expenditures!Cash Available For Debt Repayment,Historical and Projected Cash Flow StatementCash Flow From Operations:#Changes in Other Assets/Liabilties:Other NC Assets #4Other NC Assets #5Other NC Assets #6Other NC Assets #7Other NC Liability #1Other NC Liability #3Other NC Liability #2Other NC Liability #4Other NC Liability #5%(Increase) In Other Assets/Liabilties$Cash Flows From Operating ActivitiesOtherCash Flow From Financing:$Cash Flows From Financing Activities%Issuance (Repurchase) of Common StockBeginning Cash BalanceChange In CashEnding Cash BalanceDepreciation MethodComputed or Manual Depreciation(0=SLN,1=Sum of Years)(0=Computed,1=Manual)Existing Equipment Gross PP&ELand BeginningAmountPeriodSalvage Category 1 Category 2 Category 3 Category 4 Category 5TotalCapitalDepreciation Period ExpenditureYearBOOK DEPRECIATION PP&E ScheduleBeginning PP&E Asset SalesLess: DepreciationEnding PP&E BalanceAmotiztion PeriodAmortization $+Book Depreciation and Amortization ScheduleLess: AmortizationIntangible ScheduleEnding Intangible AccountBeginning Intangible AccountTOTAL AMORTIZATION!Projected Debt Repayment ScheduleYear #& Circ BreakerPerformance CaseMandatory (1=Mandatory, 0=Auto)Available Cash BalanceMinimum Cash BalanceAvailable Discretionary CashCash Balance Schedule:"Cash Flows Available For Financing$Cash Flow From Investing Activities:-Working Capital and Balance Sheet AssumptionsOther Assumptions:7Income Statement Assumptions and Historical PerformancePerformance AssumptionsCase Selection:1 =Base2 = Optimistic3 = PessimisticPreferred Stock (% of Par)Preferred Stock ($ Amount)Preferred Stock Par ValueOperating Expenses / SalesInterest (Coupon) Rates: Tax Rates:Federal Tax RateState Tax RateEffective Tax RateSalesAverage Interest (1=Yes,0=No)Free Cash Flow Summary Normalized!Plus: Depreciation & AmortizationUnlevered Cash FlowMinus:Inc/(Dec) In All NC Assets(Inc)/Dec In All NC AssetsFree Cash Flow(Inc)/Dec In All NC LiabilitiesInc/(Dec) In Working CapitalCAGR / AveragePrepaid ExpensesAccrued LiabilitiesInc/(Dec) In All NC LiabilitiesDiscounted Cash Flow Analysis"Discounted Cash Flow Table Summary6Estimated Weighted Average Cost of Capital Calculation,Weighted Average Cost Of Capital Calculation(0 = Computed, 1 = Manual)Proportion Setting:Estimated Cost of Debt: Interest Rate Wtd. RateBook Capitalization At Closing: Proportions Total DebtTotal Preferred Total EquityTotal Book CapitalizationPre-Tax After-TaxRate Wtd. FactorEstimated Cost of Preferred:Atfer Tax Cost of DebtCost of PreferredCost of Equity!Estimated Cost of Equity Capital: Weighted Average Cost of CapitalTotal Book Equity CapitalUnlevered BetaTarget Debt / Equity RatioRelevered BetaCAPM Cost of EquityCalculation Given Target D / EAfter-Tax Cost of Debt Debt / Equity1+ D / E Debt / ValueBeta CalculationZUnlevered Beta = Adjusted (Levered) Beta * [MVE / (Market Cap - (T * Book Value Of Debt))]QRelevered Beta = Unlevered Beta / [MVE / (Market Cap - (T * Book Value of Debt))] Levered BetaCurrent Stock Price$ of Outstanding SharesMarket CapitalizationE / V PercentageTax RatePost-Transaction Book Cap.Preferred Stock%Manual Interest Rates and ProportionsMarket Risk Premia 10yr T-BondTotal Outstanding DebtIs Company Public ? (0=No, 1=Yes) Equity Value Debt ValueDCF AssumptionsMultiple RangeDiscount Rate RangePerpetuity Rate RangeNet DebtNumber of ShareTotal Enterprise ValueEBITDA Multiple MethodPerpetuity Growth MethodTotal Equity Value Per ShareNPV of Free Cash FlowsFV of Terminal Value (EBITDA)!FV of Terminal Value (Perpetuity)PV of Terminal Value (EBITDA)Proforma!PV of Terminal Value (Perpetuity)Transaction Adjustment PageOther Current Assets #1Other NC Assets #1Earnings Per ShareShares OutstandingTransaction Structure(FYE January; $ in millions) Uses of FundsSources of Funds%Equity Purchase Price Debt Retired Debt Assumed Cash InfusionTransaction Costs Total Uses Offer PremiumOffer Price Per ShareShares Outstanding (MM)Acquisition Multiples Total SourcesGoodwill CalculationPurchase Price of EquityPlus:Existing GoodwillLess: Net WorthAsset Write-UpDeferred TaxesGoodwillLeverage AssumptionsOther Assumptions / SwitchesSr. Debt / EBITDASr. Debt / (EBITDA - Capex)Total Debt / EBITDAPreferred DividendTotal Debt / (EBITDA - Capex)Amt. Of Cash Min.Coverage AssumptionsTransaction Fees:EBITDA / Sr. Interest ExpenseAdvisory (EBITDA - Capex) / Sr. Int. Exp. FinancingEBITDA / Total Interest ExpenseUse Excess Cash"(EBITDA - Capex) / Total Int. Exp.Performance Case: BasefC:\Program Files\Microsoft Office\Templates\Spreadsheet Solutions\[LBO Model Template.xlt]Sources_Uses 1999 EBITDAEST. 2000 EBITDA1999 P/E EST. 2000 P/E To 1999 BookTo EST. 2000 Book% of ParNo Acquiror Name Target Name Company A Company B AdjustmentsNewCo#NewCo Income Statement Detail SheetAdditional ProjectedSavingsAccounting Type Excess Cash Common StockConsideration Assumptions ConsiderationCashStockPercent Per SharePercent of Target AcquiredPremium to Current PriceSynergies Detail PageProFormaAdditional Net Sales IncreaseENTER DATA AS POSITIVE NUMBERSNewCo Projected Balance Sheet NewCo Projected Income Statement#NewCo Projected Cash Flow Statement"NewCo Income Statement Assumptions3NewCo Working Capital and Balance Sheet AssumptionsRisk Free Rate(Type of Bond Used)Pro Forma YearNewCo Cash Min.Acquiror Cash Min.Target Cash Min. Balance CheckSenior Debt (1=Yes,0=No) Senior DebtSenior Interest ExpenseJunior Interest ExpenseTotal Senior DebtFinancing InputsNote: Add Contribution AnalysisNote: Add Exchange RatioNote: ProForma OwnershipWritten By John P. 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Burns - Analyst ustyleitMicrosoft Excel@-0@J@Ra- ՜.+,D՜.+, X`lx  b J Main_PageTransaction_Adjustments SynergiesNew_Income_DetailNew_BSNew_ISNew_SCFNew_Debt_Repay New_D&A_PageNew_Shdlrs_EquityNew_WC&BS_AssumeNew_IS_AssumeNew_Perform_Assume New_FCFFNew_DCFNew_DCF_TableAcq_BSAcq_ISAcq_CFAcq_Debt_RepayAcq_D&AAcq_SHEAcq_WC&BS_AssumeAcq_IS_AssumeAcq_Perform_Assume Acq_FCFFAcq_DCFAcq_DCF_Table Acq_WACCTarg_BSTarg_ISTarg_CFTarg_Debt_Repay Targ_D&A Targ_SHETarg_WC&BS_AssumeTarg_IS_AssumeTarg_Perform_Assume Targ_FCFF Targ_DCFTarg_DCF_Table New_Cogs New_Exp1 New_Exp2 New_Exp3 New_Exp4 New_SalesNew_SGAAcq_BS!Print_AreaAcq_CF!Print_AreaAcq_DCF_Table!Print_AreaAcq_Debt_Repay!Print_AreaAcq_IS!Print_AreaAcq_IS_Assume!Print_AreaAcq_Perform_Assume!Print_Area'Acq_WC&BS_Assume'!Print_AreaMain_Page!Print_AreaNew_BS!Print_AreaNew_DCF_Table!Print_AreaNew_Debt_Repay!Print_AreaNew_IS!Print_AreaNew_IS_Assume!Print_AreaNew_Perform_Assume!Print_AreaNew_SCF!Print_Area'New_WC&BS_Assume'!Print_AreaTarg_BS!Print_AreaTarg_CF!Print_AreaTarg_DCF_Table!Print_AreaTarg_Debt_Repay!Print_AreaTarg_IS!Print_AreaTarg_IS_Assume!Print_AreaTarg_Perform_Assume!Print_Area'Targ_WC&BS_Assume'!Print_Area Scenario  Worksheets) Named Ranges!8@,_AdHocReviewCycleID_EmailSubject _AuthorEmail_AuthorEmailDisplayName_ReviewingToolsShownOnceExcel Analysis ModelsHMartin@qrs.comHorace Martin  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FWorkbook SummaryInformation(DocumentSummaryInformation8