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Globalizing The Cost Of Capital And Capital Budgeting At Aes

441 words - 2 pages

SLal Pir Cash Flows Free Cash Flow Calculat 8 9 10 11 2011 2012 2013 2014 67.4 67.1 66.8 66.6 35.1 35.7 36.3 37.0 12.8 12.9 12.9 12.9 89.7 89.9 90.2 90.7 15.5 15.4 15.4 15.3 74.2 74.5 74.8 75.4

EBIT + Depr. - Cap. Ex. - WC Inc. Oper. CF - Taxes Free CF NPV:

1 2004 69.4 30.6 12.5 87.5 16.0 71.5

2 2005 69.1 31.3 12.5 87.9 15.9 72.0

3 2006 68.8 31.9 12.6 88.1 15.8 72.3
...view middle of the document...

0

6 2009 68.0 33.8 12.7 89.1 15.6 73.5

7 2010 67.7 34.4 12.8 89.3 15.6 73.7

23.1% Total EV Value of the debt Equity Value

232 417 (185)

12% Total EV Value of the debt Equity Value

474 417 58

Equity CF NPV:

1 2004 20.3

2 2005 20.4

3 2006 20.4

4 2007 20.4

5 2008 20.3

6 2009 20.2

7 2010 20.0

Equity Cash Flow Calcula 8 9 10 11 2011 2012 2013 2014 19.7 19.3 18.9 18.3

17.1% Equity Value

114

12% Equity Value

215

tions 12 2015 66.3 37.6 13.0 90.9 15.2 75.7

13 2016 66.0 38.3 13.0 91.3 15.2 76.1

14 2017 65.7 39.0 13.1 91.6 15.1 76.5

15 2018 65.4 39.6 13.1 91.9 15.0 76.9

16 2019 65.1 40.3 13.2 92.2 15.0 77.2

17 2020 64.8 40.9 13.2 92.5 14.9 77.6

18 19 2021 2022 64.5 64.2 41.6 42.3 13.3 13.3 92.8 93.2 14.8 14.8 78.0 78.4 TV growth rate

20 2023 63.9 42.9 13.4 93.4 14.7 78.7

21 TV

403.7 3% 900.7

12%

ations 12 2015 17.6

13 2016 16.8

14 2017 15.9

15 2018 14.8

16 2019 69.4

17 2020 69.8

18 2021 70.3

19 2022 70.7

20 2023 71.1

21 TV 519.7

813.7

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