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 ACG Cup 2017

Supporting Schedules
For Students
ACG Cup 2017

pporting Schedules
For Students
ACG Cup 2017

Financials
ACG Cup 2017

Financials
Jupiter
Income Statement

Fiscal Year Ended December 31,

($ in millions) 2012A 2013A 2014A 2015A 2016E 2017P 2018P 2019P Terminal Year

Total Sales $341.4 $366.3 $335.6 $370.9 $391.7 $412.9 $434.3 $456.0 $478.9
% Growth 7.3% (8.4%) 10.5% 5.6% 5.4% 5.2% 5.0% 5.0%

Total COGS 257.6 278.7 256.8 279.9 295.6 310.7 326.0 341.4 357.7
% of Sales 75.5% 76.1% 76.5% 75.5% 75.5% 75.3% 75.1% 74.9% 74.7%

Gross Profit $83.8 $87.6 $78.8 $91.0 $96.1 $102.2 $108.3 $114.7 $121.1
% Gross Margin 24.5% 23.9% 23.5% 24.5% 24.5% 24.7% 24.9% 25.1% 25.3%

Total SG&A 43.9 49.9 44.4 51.7 53.8 55.9 58.2 60.5 63.2
% of Sales 12.8% 13.6% 13.2% 13.9% 13.7% 13.6% 13.4% 13.3% 13.2%

EBIT $39.9 $37.7 $34.4 $39.3 $42.3 $46.2 $50.2 $54.2 $57.9
% Operating Margin 11.7% 10.3% 10.2% 10.6% 10.8% 11.2% 11.5% 11.9% 12.1%

Depreciation 11.3 12.1 11.7 13.7 14.0 14.6 15.1 15.6 16.1

EBITDA $51.2 $49.8 $46.1 $53.0 $56.3 $60.9 $65.2 $69.7 $74.0
% Margin 15.0% 13.6% 13.7% 14.3% 14.4% 14.7% 15.0% 15.3% 15.5%

Total Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0

Adjusted EBITDA $51.2 $49.8 $46.1 $53.0 $56.3 $60.9 $65.2 $69.7 $74.0
% Margin 15.0% 13.6% 13.7% 14.3% 14.4% 14.7% 15.0% 15.3% 15.5%

Taxes 16.0 15.1 13.8 15.7 16.9 18.5 20.1 21.7 23.2
% of EBT 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

Net Income $23.9 $22.6 $20.6 $23.6 $25.4 $27.7 $30.1 $32.5 $34.8
% Margin 7.0% 6.2% 6.1% 6.4% 6.5% 6.7% 6.9% 7.1% 7.3%
Lightning
Income Statement

Fiscal Year Ended December 31,

($ in millions) 2012A 2013A 2014A 2015A 2016E 2017P 2018P 2019P

Total Sales $108.5 $104.3 $106.2 $109.7 $111.9 $114.1 $116.4 $118.7
% Growth (3.9%) 1.8% 3.3% 2.0% 2.0% 2.0% 2.0%

Total COGS 81.6 76.6 78.4 80.6 81.9 83.5 85.2 86.9
% of Sales 75.2% 73.4% 73.8% 73.5% 73.2% 73.2% 73.2% 73.2%

Gross Profit $26.9 $27.7 $27.8 $29.1 $30.0 $30.6 $31.2 $31.8
% Gross Margin 24.8% 26.6% 26.2% 26.5% 26.8% 26.8% 26.8% 26.8%

Total SG&A 14.3 14.1 14.1 15.1 15.9 16.0 16.1 16.1
% of Sales 13.2% 13.5% 13.3% 13.8% 14.2% 14.0% 13.8% 13.6%

EBIT $12.6 $13.7 $13.7 $13.9 $14.1 $14.6 $15.1 $15.7

% Operating Margin 11.6% 13.1% 12.9% 12.7% 12.6% 12.8% 13.0% 13.2%

Depreciation 2.1 2.6 2.4 2.0 2.8 2.9 2.9 3.0

EBITDA $14.7 $16.3 $16.1 $15.9 $16.9 $17.5 $18.0 $18.6

% Margin 13.5% 15.6% 15.2% 14.5% 15.1% 15.3% 15.5% 15.7%

Total Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Adjusted EBITDA $14.7 $16.3 $16.1 $15.9 $16.9 $17.5 $18.0 $18.6
% Margin 13.5% 15.6% 15.2% 14.5% 15.1% 15.3% 15.5% 15.7%
Jupiter
Balance Sheet

Fiscal Year Ended December 31,

($ in millions) 2012A 2013A 2014A 2015A 2016E 2017P 2018P 2019P Terminal Year

Current Assets
Cash $13.5 $36.5 $51.1 $75.2 $98.8 $124.4 $152.6 $183.3 $214.9
Accounts Receivable 56.1 59.2 53.3 57.9 60.1 63.3 66.6 70.0 73.8
Inventories, Net 16.6 17.9 16.2 17.5 18.6 19.6 20.5 21.5 22.5
Prepaid Expenses 2.4 2.6 2.3 2.6 2.7 2.9 3.0 3.2 3.4
Deferred Income Taxes 3.1 3.2 3.2 3.2 3.2 3.3 3.3 3.3 3.3
Total Current Assets $91.7 $119.3 $126.2 $156.4 $183.5 $213.5 $246.2 $281.3 $317.9
30% 6% 24% 17% 16% 15% 14% 13%
Long Term Assets -2% 16% -2% 2% 2% 2% 1% 1%
Property, Plants, & Equipment 56.4 55.2 64.0 62.6 63.6 64.8 65.8 66.7 67.3
Total Long Term Assets $56.4 $55.2 $64.0 $62.6 $63.6 $64.8 $65.8 $66.7 $67.3
Total Assets $148.1 $174.5 $190.1 $219.0 $247.1 $278.3 $311.9 $348.0 $385.2

Current Liabilities
Accounts Payable $23.3 $24.8 $22.7 $24.6 $25.9 $27.2 $28.6 $29.9 $31.3
Customer Deposits 10.2 11.0 10.1 11.1 11.8 12.4 13.0 13.7 14.4
Accrued Expenses and Others 25.6 27.1 25.2 27.4 28.2 29.7 31.3 32.8 34.3
Total Current Liabilities $59.1 $62.9 $57.9 $63.2 $65.9 $69.4 $72.9 $76.4 $80.0
Long Term Liabilities
Long Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Long Term Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Total Liabilities $59.1 $62.9 $57.9 $63.2 $65.9 $69.4 $72.9 $76.4 $80.0
Shareholder's Equity
Retained Earnings $65.0 $88.9 $111.6 $132.2 $155.8 $181.2 $208.9 $239.0 $270.1
Shareholder Distribution
Net Income 23.9 22.6 20.6 23.6 25.4 27.7 30.1 32.5 35.1
Total Shareholder's Equity $88.9 $111.6 $132.2 $155.8 $181.2 $208.9 $239.0 $271.5 $305.2
Total Liabilities and Equity $148.1 $174.5 $190.1 $219.0 $247.1 $278.3 $311.9 $348.0 $385.2
ACG Cup 2017

Comps
ACG Cup 2017

Comps
Jupiter
Comparable Company Analysis

($ in millions except per share data) Stock Market 2014 - 2016

Price as of Value of Enterprise LTM LTM LTM LTM LTM EV / LTM EV / CY16E CAGR
Comparable Company 11/1/2016 Equity Value Sales EBITDA CAPEX EBIT Net Income Sales EBITDA Sales EBITDA Sales EBITDA Beta

Diversified Print & Print Marketing

ARC Document Solutions, Inc. $3.39 $156 $307 $412 $61 ($10) $29 ($47) 0.7x 5.0x 0.8x 5.0x (2.3%) (5.4%) 2.42
Dai Nippon Printing Co. Ltd. $10.25 $6,355 $6,957 $14,088 $1,043 NA $389 $256 0.5x 6.7x 0.5x 6.3x (0.4%) (5.0%) 0.97
Deluxe Corp. $61.00 $2,964 $3,502 $1,832 $429 ($46) $374 $235 1.9x 8.2x 1.9x 7.4x 5.3% 11.3% 1.24
Harte-Hanks Inc. $1.30 $80 $137 $462 $11 $0 ($1) ($10) 0.3x 12.4x 0.3x NMF (14.8%) NA 1.12
InnerWorkings Inc. $8.73 $469 $549 $1,091 $42 ($13) $31 ($41) 0.5x 13.1x 0.5x 9.6x 4.0% 45.0% 1.56
Quad/Graphics, Inc. $24.02 $1,202 $2,370 $4,525 $494 ($80) $197 ($2) 0.5x 4.8x 0.5x 5.0x (5.4%) (6.9%) 1.72
R.R. Donnelley & Sons Company $17.75 $1,239 $4,582 $11,088 $1,026 ($203) $645 $89 0.4x 4.5x 0.5x 4.2x (7.1%) (0.9%) 1.9
St Ives plc $1.60 $228 $327 $488 $46 ($9) $31 ($11) 0.7x 7.1x 0.7x 6.2x (8.0%) (11.9%) 0.92

Median 0.5x 6.9x 0.5x 6.2x (3.9%) (5.0%) 1.40

Mean 0.7x 7.7x 0.7x 6.3x (3.6%) 3.8% 1.48

Diversified Advertising & Marketing Consulting

Dentsu Inc. $50.54 $14,412 $15,167 $7,837 $1,652 ($218) $1,192 $806 1.9x 9.2x 2.0x 9.0x (41.3%) 16.0% 1.10
Havas SA $8.10 $3,400 $3,513 $2,489 $398 ($50) $354 $197 1.4x 8.8x 1.4x 8.6x 4.9% 6.6% 0.77
Omnicom Group Inc. $79.21 $18,684 $22,469 $15,328 $2,275 ($158) $1,983 $1,130 1.5x 9.9x 1.5x 9.8x 0.4% 1.4% 1.26
Publicis Groupe SA $68.22 $15,338 $18,142 $10,897 $1,970 ($244) $1,727 $1,021 1.7x 9.2x 1.7x 9.6x 10.5% 6.7% 0.81
The Interpublic Group of Companies, Inc. $22.17 $8,802 $9,929 $7,778 $1,067 ($195) $909 $551 1.3x 9.3x 1.3x 9.0x 2.1% 7.8% 1.60
WPP plc $21.50 $27,501 $33,258 $17,193 $61 ($351) $2,030 $1,116 1.9x NMF 1.9x 11.4x (1.4%) (3.7%) 1.11

Median 1.6x 9.2x 1.6x 9.3x 1.3% 6.6% 1.11

Mean 1.6x 9.3x 1.6x 9.6x (4.1%) 5.8% 1.11
Jupiter
Comparable Company Analysis - Balance Sheet Statistics

($ in millions)

Diversified Print & Print Marketing Total Net Income Net Income Current Quick Inventory A/R A/P Net Working
Company Assets ROA ROE Ratio Ratio Turnover Days Days Capital

ARC Document Solutions, Inc. $396 4.2% (26.1%) 1.7 1.3 14.5 55.9 31.3 $40
Dai Nippon Printing Co. Ltd. $16,364 1.4% 2.6% 1.7 1.2 7.5 85.5 81.0 $1,657
Deluxe Corp. $1,941 12.9% 29.9% 1.1 0.6 15.8 21.8 45.5 ($35)
Harte-Hanks Inc. $386 0.4% (81.0%) 1.7 0.6 NM 70.0 31.5 $172
InnerWorkings Inc. $613 3.1% (14.7%) 1.6 1.2 19.5 76.9 60.8 $111
Quad/Graphics, Inc. $2,634 4.3% (0.5%) 1.2 0.7 10.7 48.7 35.6 $248
R.R. Donnelley & Sons Company $7,473 5.4% 15.0% 1.5 1.1 13.4 68.8 50.0 $935
St Ives plc $457 4.3% (6.1%) 1.3 1.1 35.5 65.1 56.8 $21

Mean $3,735 4.4% 0.0% 1.3 0.9 16.7 52.8 45.1 $372
Median $1,277 4.2% (0.2%) 1.4 1.1 14.5 60.5 47.8 $76

Diversified Advertising & Marketing Consulting Total Net Income Net Income Current Quick Inventory A/R A/P Net Working
Company Assets ROA ROE Ratio Ratio Turnover Days Days Capital

Dentsu Inc. $25,508 NA NA 1.1 1.0 NA NA NA ($556)

Havas SA $6,583 3.6% 12.2% 1.0 1.0 20.4 319.2 456.1 ($382)
Omnicom Group Inc. $21,402 5.9% 40.2% 0.9 0.7 8.2 152.8 275.7 ($3,073)
Publicis Groupe SA $26,833 4.1% 14.8% 0.9 0.8 13.2 321.6 599.9 ($2,720)
The Interpublic Group of Companies, Inc. $11,840 4.9% 26.7% 1.0 0.9 NA 258.7 434.3 ($819)
WPP plc $42,716 3.3% 11.0% 0.9 0.9 5.1 190.3 NM ($2,749)

Mean $22,480 0.0% 0.2% 1.0 0.9 11.7 248.5 441.5 ($1,716)
Median $23,455 0.0% 0.1% 1.0 0.9 10.7 258.7 445.2 ($1,769)
Jupiter
Comparable Company Analysis - Capitalization

($ in millions)

Diversified Print & Print Marketing Total Market Minority Total Adj.
Company Debt Cap. Cash Interest Market Capital Book Capital

ARC Document Solutions, Inc. $159 $156 $20 $7 $288

Dai Nippon Printing Co. Ltd. $1,634 $6,355 $1,478 $455 $6,056
Deluxe Corp. $618 $2,964 $80 $0 $3,502
Harte-Hanks Inc. $70 $80 $13 $0 $137
InnerWorkings Inc. $134 $469 $21 $0 $582
Quad/Graphics, Inc. $1,180 $1,202 $12 $0 $2,370
R.R. Donnelley & Sons Company $3,891 $1,239 $412 $14 $4,705
St Ives plc $123 $228 $16 $0 $335

Diversified Advertising & Marketing Consulting Total Market Minority Total

Company Debt Capitalization Cash Interest Market Capital

Dentsu Inc. $2,943 $14,412 $2,191 $34,526 ($19,361)

Havas SA $746 $3,400 $647 $13 $3,486
Omnicom Group Inc. $5,033 $18,684 $1,969 $722 $21,026
Publicis Groupe SA $3,979 $15,338 $1,182 $19 $18,116
The Interpublic Group of Companies, Inc. $1,741 $8,802 $895 $281 $9,367
WPP plc $8,504 $27,501 $2,855 $459 $32,691
Jupiter
Transactions Analysis

Weighte
d EV / Weighte
Target / Total Transaction Value Rrevenu d EV /
Announced Date Issuer Business Description ($USDmm) EV / Revenue EV / EBITDA e EBITDA

Operates as a developer, manufacturer, and supplier of printing, imaging, device management, managed print services
04/19/2016 Company 1 $3,740.8 1.4x 9.9x 1.2x 8.4x
(MPS), document workflow, and business process and content management solutions.

Offers printing, promotional, and graphic products and solutions; and binding and finishing services. In addition, the
Company offers an eCommerce solution that provides marketing campaigns, corporate identity/brand control, collateral
02/17/2015 Company 2 $350.0 1.2x 9.0x
management, elimination of rogue spending, elimination of long-term waste, group purchasing power, inventory control,
regulation of suppliers and costs, sales force enablement, and workflow automation.

02/05/2014 Company 3 Provides digital and commercial printing, and mailing services in New England. $12.4 0.9x 7.1x

Provides general commercial printing and print-related services, including both traditional print services and technology
10/24/2013 Company 4 $698.1 1.0x 6.9x
solutions, as well as customized materials for the financial services, insurance, healthcare, and other industries.

Provides printing, document management, marketing, and distribution services to healthcare, financial services,
08/01/2013 Company 5 $237.9 0.8x 7.4x
manufacturing, and retail markets in North America.

Provides prepress, manufacturing, and print management solutions. Its print management solutions include commercial
08/13/2012 Company 6 $472.0 1.3x 8.5x
print, digital print, variable data technology for marketing, large format digital, and post-press finishing services.

Provides marketing solutions, publishing services, and pre-media and logistics services to retailers, branded goods
07/13/2011 Company 7 companies, catalogers. The company engages in the production of retail inserts, catalogues, direct mails, magazines, $88.7 0.7x 8.1x
books, and directories.

Provides shareholder reporting services, marketing communications, and commercial printing services in the United
02/23/2010 Company 8 $495.5 1.0x 9.5x
States and internationally.
ACG Cup 2017

Comps
ACG Cup 2017

Comps
Jupiter
Income Statement

Fiscal Year Ended December 31,

($ in millions) 2012A 2013A 2014A 2015A 2016E 2017P 2018P 2019P Terminal Year

Total Sales $341.4 $366.3 $335.6 $370.9 $391.7 $412.9 $434.3 $456.0 $478.9
% Growth 7.3% (8.4%) 10.5% 5.6% 5.4% 5.2% 5.0% 5.0%

Total COGS 257.6 278.7 256.8 279.9 295.6 310.7 326.0 341.4 357.7
% of Sales 75.5% 76.1% 76.5% 75.5% 75.5% 75.3% 75.1% 74.9% 74.7%

Gross Profit $83.8 $87.6 $78.8 $91.0 $96.1 $102.2 $108.3 $114.7 $121.1
% Gross Margin 24.5% 23.9% 23.5% 24.5% 24.5% 24.7% 24.9% 25.1% 25.3%

Total SG&A 43.9 49.9 44.4 51.7 53.8 55.9 58.2 60.5 63.2
% of Sales 12.8% 13.6% 13.2% 13.9% 13.7% 13.6% 13.4% 13.3% 13.2%

EBIT $39.9 $37.7 $34.4 $39.3 $42.3 $46.2 $50.2 $54.2 $57.9
% Operating Margin 11.7% 10.3% 10.2% 10.6% 10.8% 11.2% 11.5% 11.9% 12.1%

Depreciation 11.3 12.1 11.7 13.7 14.0 14.6 15.1 15.6 16.1

EBITDA $51.2 $49.8 $46.1 $53.0 $56.3 $60.9 $65.2 $69.7 $74.0
% Margin 15.0% 13.6% 13.7% 14.3% 14.4% 14.7% 15.0% 15.3% 15.5%

Total Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0

Adjusted EBITDA $51.2 $49.8 $46.1 $53.0 $56.3 $60.9 $65.2 $69.7 $74.0
% Margin 15.0% 13.6% 13.7% 14.3% 14.4% 14.7% 15.0% 15.3% 15.5%

Taxes 16.0 15.1 13.8 15.7 16.9 18.5 20.1 21.7 23.2
% of EBT 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

Net Income $23.9 $22.6 $20.6 $23.6 $25.4 $27.7 $30.1 $32.5 $34.8
% Margin 7.0% 6.2% 6.1% 6.4% 6.5% 6.7% 6.9% 7.1% 7.3%

Net Working Capital 19.1 19.9 17.2 18.0 18.8 19.8 20.6 21.5 23.0
Change in NWC 0.9 (2.8) 0.9 0.8 1.0 0.9 0.9 1.4
Investment in Capital Expenditures (1.2) 8.8 (1.4) 1.0 1.2 1.0 0.9 0.7
Free Cash Flow from Operations 35.1 26.4 37.8 37.6 40.3 43.3 46.3 48.8
Discount Periods 0.5 1.5 2.5 3
Discount Rate 10.00% 10.00% 10.00% 10.00%
Discount Factor 0.95 0.87 0.79 0.75
Annual Discounted Cash Flows 38.38 37.54 36.47 344.97

Enterprise Value $457.4

Less: Capital Debt 0

Plus: Cash 99
Control Value of Equity $556.1
 WACC Calculations
Risk Free Rate 2.41% Weighted Equity Cost 8.85%
Beta 1.25 Weighted Debt Cost 0.88%
Market Premium 6.11% WACC 9.73%
Company Specific Risk Premium 2% Terminal Growth Rate 5.00%
Total Cost of Equity 12.1%
Total Cost of Debt 3.30%
Jupiter
Comparable Company Analysis - Capitalization

($ in millions)

Diversified Print & Print Marketing Total Market Minority Total Adj.
Company Debt Cap. Cash Interest Market Capital Book Capital

ARC Document Solutions, Inc. $159 $156 $20 $7 $302

Dai Nippon Printing Co. Ltd. $1,634 $6,355 $1,478 $455 $6,966
Deluxe Corp. $618 $2,964 $80 $0 $3,502
Harte-Hanks Inc. $70 $80 $13 $0 $137
InnerWorkings Inc. $134 $469 $21 $0 $582
Quad/Graphics, Inc. $1,180 $1,202 $12 $0 $2,370
R.R. Donnelley & Sons Company $3,891 $1,239 $412 $14 $4,733
St Ives plc $123 $228 $16 $0 $335

Diversified Advertising & Marketing Consulting Total Market Minority Total

Company Debt Capitalization Cash Interest Market Capital

Dentsu Inc. $2,943 $14,412 $2,191 $34,526 $49,691

Havas SA $746 $3,400 $647 $13 $3,512
Omnicom Group Inc. $5,033 $18,684 $1,969 $722 $22,469
Publicis Groupe SA $3,979 $15,338 $1,182 $19 $18,154
The Interpublic Group of Companies, Inc. $1,741 $8,802 $895 $281 $9,929
WPP plc $8,504 $27,501 $2,855 $459 $33,608

Jupiter
Jupiter Comp Valuation 2016E Estimated Multiple from Comps
Revenue 391.7 1.05
EBITDA 56.3 7.79
Lightning
Revenue 111.9 1.05
EBITDA 16.9 7.79

Method Valuation
DCF 457.4 1.22
Revenue Multiple from Comps 411.3 1.36
EBITDA Multiple from Comps 439.0 1.28
Revenue Multiple from Trans 437.0 1.28
EBITDA Multiple from Trans 427.8 1.31
Mean 434.5 1.29
Median 437.0 1.28
Estimated Enterprise Value Estimated Multiples from Transactions
411.3 1.12
439.0 7.59

117.5 1.12
131.6 7.59
Estimated Enterprise Value
437.0
427.8

124.8
128.3
Jupiter
Income Statement

Fiscal Year Ended December 31,

($ in millions) 2012A 2013A 2014A 2015A 2016E 2017P 2018P 2019P Terminal Year

Total Sales $341.4 $366.3 $335.6 $370.9 $391.7 $412.9 $434.3 $456.0 $478.9
% Growth 7.3% (8.4%) 10.5% 5.6% 5.4% 5.2% 5.0% 5.0%

Total COGS 257.6 278.7 256.8 279.9 295.6 310.7 326.0 341.4 357.7
% of Sales 75.5% 76.1% 76.5% 75.5% 75.5% 75.3% 75.1% 74.9% 74.7%

Gross Profit $83.8 $87.6 $78.8 $91.0 $96.1 $102.2 $108.3 $114.7 $121.1
% Gross Margin 24.5% 23.9% 23.5% 24.5% 24.5% 24.7% 24.9% 25.1% 25.3%

Total SG&A 43.9 49.9 44.4 51.7 53.8 55.9 58.2 60.5 63.2
% of Sales 12.8% 13.6% 13.2% 13.9% 13.7% 13.6% 13.4% 13.3% 13.2%

EBIT $39.9 $37.7 $34.4 $39.3 $42.3 $46.2 $50.2 $54.2 $57.9
% Operating Margin 11.7% 10.3% 10.2% 10.6% 10.8% 11.2% 11.5% 11.9% 12.1%

Depreciation 11.3 12.1 11.7 13.7 14.0 14.6 15.1 15.6 16.1

EBITDA $51.2 $49.8 $46.1 $53.0 $56.3 $60.9 $65.2 $69.7 $74.0
% Margin 15.0% 13.6% 13.7% 14.3% 14.4% 14.7% 15.0% 15.3% 15.5%

Total Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0

Adjusted EBITDA $51.2 $49.8 $46.1 $53.0 $56.3 $60.9 $65.2 $69.7 $74.0
% Margin 15.0% 13.6% 13.7% 14.3% 14.4% 14.7% 15.0% 15.3% 15.5%

Taxes 16.0 15.1 13.8 15.7 16.9 18.5 20.1 21.7 23.2
% of EBT 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

Net Income $23.9 $22.6 $20.6 $23.6 $25.4 $27.7 $30.1 $32.5 $34.8
% Margin 7.0% 6.2% 6.1% 6.4% 6.5% 6.7% 6.9% 7.1% 7.3%

Net Working Capital 19.1 19.9 17.2 18.0 18.8 19.8 20.6 21.5 23.0
Change in NWC 0.9 (2.8) 0.9 0.8 1.0 0.9 0.9 1.4
Investment in Capital Expenditures (1.2) 8.8 (1.4) 1.0 1.2 1.0 0.9 0.7
Free Cash Flow from Operations 42.9 31.8 42.1 42.4 45.4 48.8 52.2 55.6
Discount Periods 0.5 1.5 2.5 3
Discount Rate 9.73% 9.73% 9.73% 9.73%
Discount Factor 0.95 0.87 0.79 0.76
Annual Discounted Cash Flows 43.31 42.50 41.41 367.66

Enterprise Value $494.9

Less: Capital Debt 0

Plus: Cash 99
Control Value of Equity $593.7