1 2

Target
Base case
2015 2016 2017
Revenues 13,046.0 13,829 14,658
EBIT 391.38 415 440
Tax rate 36% 36% 36%
Tax 141 149 158
EBI 250 266 281

Capex 475 503.5 533.7

Depreciation 461 488.7 518.0
NWC 1,957 2,074 2,199
CNWC 117 124
FCFF 133 141
TV
PVFCFF 119.15 112.93
Firm Value 2,024.88

ROC
Beta 1.15 1.15 ###
After tax Cost debt 7.00% 7.00% 7.00%
D/E 10.00% 10.00% 10.00%
D/(E+D) 9.09% 9.09% 9.09%
Treasury bond rate 6.00% 6.00% 6.00%
Risk premium 5.50% 5.50% 5.50%
Cost equity 12.33% 12.33% 12.33%
Cost capital 11.84% 11.84% 11.84%
g
 3 4 5 5

2018 2019 2020 TV

15,538 16,470 17,458 18,331
466 494 524 550
36% 36% 36% 36%
168 178 189 198
298 316 335 352

565.7 599.7 635.7 712.5

549.1 582.0 616.9 647.8
2,331 2,471 2,619 2,750
132 140 148 131
150 159 168 156
2,604
107.03 101.44 96.14 1,488.19

1.15 ### 1.15 1.00

7.00% 7.00% 7.00% 6.00%
10.00% 10.00% 10.00% 10.00%
9.09% 9.09% 9.09% 9.09%
6.00% 6.00% 6.00% 6.00%
5.50% 5.50% 5.50% 5.50%
12.33% 12.33% 12.33% 11.50%
11.84% 11.84% 11.84% 11.000%
5%
 1
Target
Base case
2015 2016
Revenues 13,046.0 14,351
EBIT 391.38 431
Tax rate 36% 36%
Tax 141 155
EBI 250 276

Capex 475 503.5

Depreciation 461 488.7
NWC 1,957 2,153
CNWC 196
FCFF 65
TV
PVFCFF 58.48
Firm Value 2,550.65

ROC
Beta 1.15 1.15
After tax Cost debt 5.25% 5.25%
D/E 20.00% 20.00%
D/(E+D) 16.67% 16.67%
Treasury bond rate 6.00% 6.00%
Risk premium 5.50% 5.50%
Cost equity 12.33% 12.33%
Cost capital 11.15% 11.15%
g
g
 2 3 4 5 5

2017 2018 2019 2020 TV

15,786 17,364 19,101 21,011 22,061
474 521 573 630 662
36% 36% 36% 36% 36%
170 188 206 227 238
303 333 367 403 424

533.7 565.7 599.7 635.7 712.5

518.0 549.1 582.0 616.9 647.8
2,368 2,605 2,865 3,152 3,309
215 237 260 287 158
72 80 89 98 201
3,833
58.36 58.22 58.05 57.87 2,259.66

1.15 1.15 ### 1.15 1.00

5.25% 5.25% 5.25% 5.25% 4.00%
20.00% 20.00% 20.00% 20.00% 20.00%
16.67% 16.67% 16.67% 16.67% 16.67%
6.00% 6.00% 6.00% 6.00% 6.00%
5.50% 5.50% 5.50% 5.50% 5.50%
12.33% 12.33% 12.33% 12.33% 11.50%
11.15% 11.15% 11.15% 11.15% 10.250%
5%
5%
Target status quo 2,024.88
Target optimal 2,550.65
Control 525.77

Rate of Control 25.97%

 Target
Base case
2015 2016 2017
Revenues 25,484.0 28,032 30,836
EBIT 2,987.00 3,286 3,614
Tax rate 36% 36% 36%
Tax 1,075 1,183 1,301
EBI 1,912 2,103 2,313

Capex 729 801.9 882.1

Depreciation 545 599.5 659.5
NWC 3,823 4,205 4,625
CNWC 382 420
FCFF 1,518 1,670
TV
PVFCFF 1,360.84 1,341.78

Firm Value 37,837.94

1 2
ROC 8.51%
Beta 1.25 1.25 1.25
After tax Cost debt 5.00% 5.00% 5.00%
D/E 20.00% 20.00% 20.00%
D/(E+D) 16.67% 16.67% 16.67%
Treasury bond rate 6.00% 6.00% 6.00%
Risk premium 5.50% 5.50% 5.50%
Cost equity 12.88% 12.88% 12.88%
Cost capital 11.56% 11.56%
1.12 1.24
g
1.12 1.24
2018 2019 2020 TV
33,919 37,311 41,042 43,094
3,976 4,373 4,811 5,051
36% 36% 36% 36%
1,431 1,574 1,732 1,818
2,544 2,799 3,079 3,233

970.3 1,067.3 1,174.1 1,013.8

725.4 797.9 877.7 921.6
5,088 5,597 6,156 6,464
463 509 560 308
1,837 2,021 2,223 2,833
53,957
1,322.99 1,304.46 1,286.19 31,221.68

3 4 5 5

1.25 1.25 1.25 1.00

5.00% 5.00% 5.00% 4.00%
20.00% 20.00% 20.00% 20.00%
16.67% 16.67% 16.67% 16.67%
6.00% 6.00% 6.00% 6.00%
5.50% 5.50% 5.50% 5.50%
12.88% 12.88% 12.88% 11.50%
11.56% 11.56% 11.56% 10.25%
1.39 1.55 1.73 1.73
5%
1.39 1.55 1.73 1.91
 1 2 3
Target
Base case
2015 2016 2017 2018
Revenues 38,530.0 42,768.3 47,472.8 52,694.8
EBIT 3,378.38 3,850 4,274 4,744
Tax rate 36% 36% 36% 36%
Tax 1,216.22 1,386.00 1,538.46 1,707.69
EBI 2,162.16 2,464 2,735 3,036

Capex 1,204.00 1,336.4 1,483.4 1,646.6

Depreciation 1,006.00 1,116.7 1,239.5 1,375.8
NWC 5,779.50 6,415.25 7,120.92 7,904.22
CNWC 636 706 783
FCFF 1,608 1,785 1,982
TV
PVFCFF 1,443.52 1,437.98 1,432.46
Firm Value 40,388.59
Synergy 42,832.21 1 2 3
ROC
U Beta target 1.020 1.020 1.020 1.020
U beta Buyer 1.108 1.108 1.108 1.108
Weigth Taret 6.32% 6.32% 6.32% 6.32%
U average beta 1.103 1.103 1.103 1.103
Levered beta 1.279 1.279 1.279 1.279
After tax Cost debt 5.00% 5.00% 5.00% 5.00%
D/E 25.00% 25.00% 25.00% 25.00%
D/(E+D) 20.00% 20.00% 20.00% 20.00%
Treasury bond rate 6.00% 6.00% 6.00% 6.00%
Risk premium 5.50% 5.50% 5.50% 5.50%
Cost equity 13.03% 13.03% 13.03% 13.03%
Cost capital 11.43% 11.43% 11.43% 11.43%
g
 4 5 5

2019 2020 TV
58,491.3 64,925.3 68,171.6 target Optim
5,265 5,845 6,137 Status Quo
36% 36% 36% Value of Control
1,895.54 2,104.05 2,209.25
3,370 3,741 3,928
Synergy
1,827.8 2,028.8 1,957.9 No synergy
1,527.2 1,695.2 1,779.9 Value of synergy
8,773.69 9,738.79 10,225.73
869 965 487
2,200 2,442 3,263 Premium of acquisition
61,272 146.645%
1,426.97 1,421.50 35,669.78

4 5 5 Stock price

1.020 1.020 0.887 Max payment per share

1.108 1.108 0.887
6.32% 6.32% 6.32%
1.103 1.103 0.887
1.279 1.279 1.028
5.00% 5.00% 5.00%
25.00% 25.00% 25.00%
20.00% 20.00% 20.00%
6.00% 6.00% 6.00%
5.50% 5.50% 5.50%
13.03% 13.03% 11.66%
11.43% 11.43% 10.32%
5%
 2,550.65
2,024.88
525.77

42,832.21
40,388.59
2,443.62
2,969.39

$121

298.441
 Firm value Independent
Target 2,550.65
Buyer 37,837.94
total 40,388.59

Combined ?