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Finance Simulation: M&A in Wine Country
Valuation Exercise
Note: This exercise is designed to help you determine the value of the assigned enterprise. Use assumptions supplied in the Foreground Reading and in the spreadsheet to estimate free cash flows, a WACC, and terminal values for Bel Vino Corporation and Starshine Vineyards. Complete the valuation exercise and submit to your instructor as directed.
Bel Vino Valuation (Expanded)
M&A in Wine Country
Bel Vino Base Case Valuation: Expanded
<=History Pro Forma =>
Operating Forecasts 2006 2007 2008 2009 2010 2011 2012 2013 Pro forma assumptions
US Sales 330 328 330 332 333 335 337 338 0.5% annual growth
International Sales 29 32 36 41 46 52 59 66 13.0% annual growth
Net Sales 359 360 366 372 379 387 395 405
Cost of Goods Sold 160 150 140 141 144 147 150 154 38.0% of sales
Depreciation 24 9 9 25 24 23 23 22 20.0% of beginning net PP&E
Marketing Expense 23 24 24 26 27 27 28 28 7.0% of sales
Other SG&A 107 108 111 112 114 116 119 121 30.0% of sales
EBIT 45 69 82 68 71 73 76 79
Supplementary Schedules
Net Working Capital
working cash 10 10 10 10 11 11 11 11 2.8% of sales
A/R 98 99 100 102 104 106 108 111 100 days sales outstanding
Inventory 310 291 272 274 280 285 291 298 708 days of COGS
Other CA 7 7 7 7 8 8 8 8 2.0% of sales
A/P 90 90 90 69 70 72 73 75 90 days of cash op expenses
Net working capital 335 317 299 325 332 338 346 354
D NWC 26 6 7 7 8
Other assets 45 45 45 47 47 48 49 51 12.50% of sales
D Other assets 2 1 1 1 1
Beginning net PP&E 144 140 132 126 121 117 113 111
Capital Expenditures 20 20 20 20 20 20 20 20 given
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