Small business case exercises

Company A has the following data: - $40/share - 50m diluted shares - Debt $600m - Preferred $50m - NCI $80m - Cash $150m - Associates $40m Calculate EV

Company A has the following data: - EV = $5,200m - Debt $1,400m - Preferred $200m - NCI $300m - Cash $600m - Associates $250m - Diluted shares: 80m Compute implied share price

Company A has the following data: - Share price: $50 - Diluted shares: 100m - Debt: $2,000m - Cash: $800m - Minimum operating cash: $200m Compute EV using the excess cash convention

Company A has the following data: - Share price: $8 - Diluted shares: 20m - Debt: $900m - Cash: $50m - Preferred: $0 - NCI: $0 Compute EV

Company A has the following data: - EV: $2,400m - LTM EBITDA: $300m - Peer EV/EBITDA range: 7–9x Compute EV/EBITDA multiple and assess vs. peers

Company A has the following data: - LTM EBITDA: $180m - Peer median EV/EBITDA: 9.5x - Debt: $400m - Cash: $60m - Preferred: $0 - NCI: $0 - Diluted shares: 25m Compute implied share price

Company A has the following data: - Equity Value: $3,000m - Debt: $1,200m - Cash: $400m - Pension PBO: $500m - Pension plan assets: $350m (underfunded by $150m) Compute adjusted EV

An analyst uses EV / Net Income as a valuation multiple. Do you think this multiple makes sense? Why? Which multiple would you use?

Company A has the following data: - Reported EBITDA: $400m - One-off restructuring charge: $50m (expensed) - Litigation settlement: $30m (expensed) - Stock-based compensation: $20m (already added back to reach EBITDA) - Gain on asset sale: $15m (included in EBITDA) Compute adjusted (normalised) EBITDA

Company A has the following data: - ParentCo owns 70% of Company B - ParentCo Equity Value: $4,000m - Debt: $800m - Cash: $300m - NCI (30% of Company B): book value $200m Compute EV