• Author / Uploaded
• kumar.kunal

• Categories
• Financiación de capital)
• Depreciación
• Flujo de caja libre
• Hoja de balance
• Mercado (economía)

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Free Cash Flow for 1983 Cash Flow Item Revenue due to production of oil Less Expenses Production Cost Wellhead Taxes Exploration Expense Depreciation Other Operating Expenses

Amount 6503.00 -911.00 -792.00 -601.00 -1000.00 -351.00

EBIT

2848.00

Interest EBT

274.92 2573.08

Calculate taken f

Tax rate ca EBIT Tax EBT Depreciation Change in Net Working Capital Gross Capex FCF

2848.00 2139.53 708.47 1000.00 0.00 994.00 714.47

Calculation of Cost Of Capital, WACC Debt Equity Beta Kdebt

From 1 ye

Unsucc incu

2291 6116.1 1.15 12

Kequity

20.58

Krisk free

10.46

Krisk premium

8.8 0.2725077613 0.7274922387 15.7852594278

Weight of Debt Weight of Equity WACC

Valuation Of Share Enterprise Value from Operating Assets Long Term Assets

4526.1794310329

FCF/WA

Net Properties Investment in Afiliates Deferred charges and other assets Total long term Assets

14090 608 613 15311

Long Term Debt and capital leases Deferred taxes Other Liabilities Minority Interests Total long term Liabilities

2291 2651 355 783 6080

Enterprise Value from Non Operating Assets

9231

Net Enterprise Value Number Of outstanding shares Max Allowed Price per share

Maximu

13757.1794310329 165.3 83.2255258986

Calculation of Maximum Bid Price for Kohler 70 71 72 73 74 75 76 77 78 79 80

5785.5 5868.15 5950.8 6033.45 6116.1 6198.75 6281.4 6364.05 6446.7 6529.35 6612

SUMMARY Company ARCO Kohlberg SOCAL

Maximum Bid $75 $72 $83

694.26 704.178 714.096 724.014 733.932 743.85 753.768 763.686 773.604 783.522 793.44

Assumptions/Case Da

Calculated at a rate of 12%, taken from historic data

Number of shares(mill) Interest rate(%) Tax(mill) Long term debt(mill) Tax rate Current Assets(mill) Current Liabilities(mill) Gross Capex(mill) Beta Krisk premium Krisk free

Tax rate calculated as 75% from Exhibit 1 From 1 year B/S data, assumption is that Change in NWC is 0 Unsuccessful Exploration expense of 601 is already incurred, hence amount remaining from 1595

FCF/WACC

Maximum Bid For SOCAL, $83

Maximum Bid For Kohlberg, $72

mptions/Case Data

ready 95

82.65 12 1933 2291 0.7512397594 5653 4756 1595 1.15 8.8 10.46

Cash Flows Year Number of Barrels Price Per Barrel Revenue Production Costs Total

165.3 37

Debt Equity Beta Kd Ke Krisk free Krisk premium WACC

1984 290 22.42 6501.8 6501.8 5566.075

2291 6116.1 1.15 13.5 20.58 10.46 8.8 16.811218

1985 290 22.42 6501.8

1986 290 22.42 6501.8

1987 290 22.42 6501.8

1988 290 22.42 6501.8

1989 290 22.42 6501.8

1990 290 22.42 6501.8

22.42 0

6501.8 5566.075

6501.8 5566.075

6501.8 5566.075

6501.8 5566.075

6501.8 5566.075

6501.8 5566.075

0 0

27% 73%

1991

1992

1993

1994

22.42 0

22.42 0

22.42 0

0 0

0 0

0 0