Finding the value of the company

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Reference no: EM133114393

You've noticed that due to Covid-19 the soap & cleaning manufacturing industry in Canada has experienced a huge growth, so you and your friend have decided to start a new business in this industry. You've collected the information provided below to make a feasibility analysis of the new business:

Industry Sales Forecast

YEAR

2021

2022

2023

2024

2025

Total Market (in $ thousands)

1,880,000

1,890,000

1,920,000

1,940,000

1,950,000

Your business market share

0.10%

0.11%

0.12%

0.14%

0.20%

Industry Cost Structure


% of sales

COGS

55%

Depreciation

4%

Sales & Marketing Exp.

7%

Administrative Exp.

13%

Considering the following assumptions:

- your business will be able to have the same cost structure as the industry since its first year of operations

- there are no pre-operational losses to be carried forward.

- the tax rate is 28%.

- the business is 100% equity financed.

- the required return on equity (rE) is 18%

- the long-term growth rate is estimated to be 3% (growth after year 5)

- the investment in net working capital and capital expenditures is expected to be as follows:

YEAR

2020

2021

2022

2023

2024

2025

NWC (in $ thousands)

150

20

20

40

120

20

CAPEX (in $ thousands)

300



200



What is the value of the company using the DCF method (PV of FCFs)? (your answer should be in $ thousands).

Reference no: EM133114393

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