Projected sources-and-uses statement assuming a 40% payout ratio (dollar in millio

Assumptions 2005 2006 2007 2008

sales growth rate 15% 15% 15% 15%
Net Income as % of sales 2.10% 4% 5% 5.50%
Divident-Payout-Ratio 40% 40% 40% 40%

Projections
Sales $ 870.10 $ 1,000.70 $ 1,150.80 $ 1,323.40
Net Income $ 18.10 $ 40.00 $ 57.50 $ 72.80
Depreciation $ 22.50 $ 25.50 $ 30.00 $ 34.50
total $ 40.60 $ 65.50 $ 87.50 $ 107.30
Capital Expenditures $ 43.80 $ 50.40 $ 57.50 $ 66.20
change in WC $ 19.50 $ 22.40 $ 25.80 $ 29.60
total $ 63.30 $ 72.80 $ 83.30 $ 95.80
Excess cash -$ 22.70 -$ 7.30 $ 4.20 $ 11.50
Dividend $ 7.20 $ 16.00 $ 23.00 $ 29.10
excess cash (after Dividend) -$ 29.90 -$ 23.30 -$ 18.80 -$ 17.60
Divident per Share $ 0.3900 $ 0.8600 $ 1.2400 $ 1.5700
free cash flow -$ 52.77 -$ 30.60 -$ 14.60 -$ 6.12
Growth rate 6% 6% 6% 6%
value $ 1,676.22 $ 1,676.22 $ 1,676.22 $ 1,676.22
Nilai Perusahaan tanpa Debt utk Dividen $
Dividen payout ratio 40%
NPV menjadi $
0% payout ratio (dollar in million)
2009 2010 2011
15% 15% 15%
6% 5.60% 8%
40% 40% 40%
total
2005-2011
$ 1,521.90 $ 1,750.10 $ 2,012.70 $ 9,629.70
$ 91.30 $ 98.00 $ 160.00 $ 537.70
$ 40.50 $ 46.50 $ 52.50 $ 252.00
$ 131.80 $ 144.50 $ 212.50 $ 789.70
$ 68.50 $ 78.80 $ 90.60 $ 455.80
$ 34.00 $ 38.50 $ 44.30 $ 214.10
$ 102.50 $ 117.30 $ 134.90 $ 669.90
$ 29.40 $ 27.20 $ 77.60 $ 119.90
$ 36.50 $ 39.20 $ 64.00 $ 215.00
-$ 7.20 -$ 12.00 $ 13.60 -$ 95.20
$ 1.9600 $ 2.1100 $ 3.4400 $ 11.57
$ 22.08 $ 15.20 $ 77.60 $ 10.79
6% 6% 6%
$ 1,676.22 $ 1,676.22 $ 1,676.22
880.14

797.49