| Year | Real 1 | Real 2 | Nominal 2 |
| Revenues | 100 | 100 * 1.02 (*1) = 102 | 102*1.15(*4) |
| EBITDA | 27 | 27 * 1.02 (*1) = 27.54 | 27.54*1.15(*4) |
| Depreciation | 12 | 100 * 1.02 * 12.5% (*2) = 12.75 | 12.75*1.15(*4) |
| EBIT | 27-12 = 15 | 27.54 - 12.75 = 14.79 | 14.79*1.15(*4) |
| Taxes | 6 | 14.79 * 0.40 (*3) = 5.916 | 5.916*1.15(*4) = 6.8034 |
| NOPLAT (*5) | 15-6 = 9 | 14.79 * (1-0.40) = 14.79-5.916 = 8.874 | (14.79-5.916)*1.15 =10.2051 |
(*2) Real depreciation expense = 12.5% of future real revenues
(*3) Tax rate = 40% per year
(*4) Annual inflation rate (per year) = 15%
(*5) NOPLAT = EBIT * (1-t), or (Net operating profit - Adjusted tax) = EBIT - Taxes
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