RJR Nabisco Valuation

July 7, 2017 | Author: Shivani Bhatia | Category: Discounting, Present Value, Cost Of Capital, Capital Asset Pricing Model, Discounted Cash Flow
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Valuing the cash flows to capital under the pre-bid plan when interest tax shields are included in the cash flows (millions of dollars except per share data) 1989

1990

1991

1992

1993

Cash Flows available for capital payments [a]

517

948

1399

2073

2551

Cash Interest [a]

582

662

693

690

658

Cash Flows available for capital [b]

1099

1610

2092

2763

3209

Discount Rate [c]

14.6

14.6

14.6

14.6

14.6

Cumulative discount factor [d]

0.87

0.76

0.66

0.58

0.51

0

2

4

13553

13553

13553

8008

9279

11030

Less: Assumed Debt

21561

22832

24583

Net Value

16357

17628

19379

71

77

85

Cash Flows

Present Value Valuation Growth in cash flows after 1998 Present value of cash flows, 1989-98 Present Value of terminal value [e]

Net Value per share [f]

a=case exhibit 5 b=cash flows available for capital equal cash flows available for capital payments plus cash interest c=discount rate is computed using the CAPM, with an unlevered asset beta of 0.70, a risk-free rate of 9% and a risk premium d=the cumulative discount factor for each year is the present value of $1 received at the end of the year e=calculated as the present value in 1988 of a growing perpetuity of the 1998 cash flow available to capital f=assumes 229 million shares outstanding

n the cash flows

1994

1995

1996

1997

1998

2869

3253

3617

4075

4589

594

458

410

259

-21

3463

3711

4027

4334

4568

14.6

14.6

14.6

14.6

14.6

0.44

0.39

0.34

0.29

0.26

e of 9% and a risk premium of 8%

Cost of capital under the pre-bid plan using tax-adjusted discount rates (millions of dollars) Assumptions Unlevered asset beta = 0.70 Assumed debt beta = 0 Risk free rate = 9% after tax expected return [a]=5.9% risk premium = 8% Beginning of year book values Assumed debt Market Value of equity [b] value of rjr nabisco Equity beta [c] 0.98 cost of equity [d] (in %) WACC [in %]

1989 5204 12790 17994

1990 4894 14949 19843

1991 4519 17405 21924

1992 3798 20199 23997

1993 3982 23361 26343

1994 2582 26939 29521

0.98 16.9 13.7

0.94 16.5 13.8

0.89 16.1 14

0.84 15.7 14.1

0.8 15.4 14.3

0.77 15.2 14.3

a=cost of debt is assumed to be the risk free rate because the beta of the debt is assumed to be zero. The tax rate is 34% b= the market value of equity is assumed to grow at the cost of equity c= the levered equity beta (beta-e)=E/V[beta-a], where E is the market value of jr nabisco and beta-a is the unlevered asset b d=caculated using the CAPM

1995 1854 31016 32870

1996 0 35649 35649

1997 0 40853 40853

1998 0 46818 46818

0.75 15 14.4

0.7 14.6 14.6

0.7 14.6 14.6

0.7 14.6 14.6

o be zero. The tax rate is 34%

nd beta-a is the unlevered asset beta

Valuing the cash flows for capital under the pre bid plan using tax adjusted discount rates(millions of dollars except per sha Cash Flows 1989 1990 1991 1992 1993 Cash flows available for capital payments 517 948 1399 2073 2551 After tax cash interest 384 437 457 455 434 Cash flows available for capital© 901 1385 1856 2528 2985 WACC(d) 13.7% 13.8% 14.0% 14.1% 14.3% Cumulative discount factor 0.88 0.77 0.68 0.59 0.52 Present value 792.88 1066.45 1262.08 1491.52 1552.2 As per sheet 1070 1258 1502 1552 Valuation Growth in cash flows after 1998 0% 2% Present value of cash flows,1989-1998 12910 12910 Present value of terminal value(f) 8273 9586

Less: Assumed debt Net value Net value per share(g)

Assume 229 million shares outstanding Assume a 34% tax rate equals interest in Exhibit 5 times 66%

21183 5204 15979 69.77729

22496 5204 17292 75.51092

ions of dollars except per share data) 1994 1995 1996 2869 3253 3617 392 302 271 3261 3555 3887 14.3% 14.4% 14.6% 0.45 0.4 0.35 1467.45 1422 1360.45 1483 1412 1348 4% 12910 11395

24304 5204 19100 83.40611

1997 4075 171 4246 14.6% 0.3 1273.8 1285

1998 4589 -14 4575 14.6% 0.26 1208

Valuing the cash flows to capital under the managemnt group plan when interest tax sheilds are included in the cash flows Cash Flows Cash flows available for capital payments After tax cash interest Cash flows available for capital© WACC(d) Cumulative discount factor Present value Valuation Growth in cash flows after 1998 Present value of cash flows,1989-1998 Present value of terminal value(f)

Less: Assumed debt Net value Net value per share(g)

1989 12018 2792 14810 14.6% 0.87 12884.7 As per sheet 12923

1990 593 1353 1946 14.6% 0.76 1478.96 1482

1991 919 1286 2205 14.6% 0.66 1455.3 1465

1992 1282 1183 2465 14.6% 0.58 1429.7 1429

0% 23982 6427

2% 23982 7447

30408 5204 25204 110.0611

31428 5204 26224 114.5153

Assume 229 million shares outstanding Assume a 34% tax rate equals interest in Exhibit 5 times 66% Cash flows available for capital©equlas Cash flows available for capital payments plus cash interest

cluded in the cash flows(mn of dollrs exceot per share data) 1993 1594 1037 2631 14.6% 0.51 1341.81 1331

1994 1946 850 2796 14.6% 0.44 1230.24 1234 4% 23982 8852

32833 5204 27629 120.6507

1995 2344 624 2968 14.6% 0.39 1157.52 1143

1996 2797 351 3148 14.6% 0.34 1070.32 1058

1997 3332 0 3332 14.6% 0.29 966.28 977

1998 3666 0 3666 14.6% 0.26 953.16 938

TN-5 Capital structure for RJR Nabisco under the management group plan (millions of dollars) 1989 Bank debt Amount = $ 15000 Interest rate = 12 %

1990

Beginning Balance Interest Paydown Ending Balance

15000 1800 11708 3292

2392 395 218 3075

5204 572 310 4894

4894 538 375 4519

3000 420 0 3000

3000 420 0 3000

1373 258 0 0 1632

1632 307 0 0 1938

Assumed Debt

Amount = $5204

Interest Rate = 11%

Beginning Balance Interest Paydown Ending Balance Subordinated Debt

Amount = $3000

Interest Rate = 14%

Beginning Balance Interest Paydown Ending Balance PIK Preferred

Amount = $ 1373

Beginning Balance PIK dividends Cash Dividends Paydown Ending Balance Convertible Beginning Balance PIK dividends Cash Dividends Paydown Ending Balance

Amount = $ 916

Interest Rate = 18.8%

Interest Rate = 13 % (1989), 18.8% (1990 - 1998) 916 119 0 0 1035

1035 195 0 1229

1991

1992

1993

1994

1995

1996

1997

1998

3075 369 198 2877

2877 345 466 2411

2411 289 1194 1217

1217 145 1217 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

4519 497 721 3798

3798 418 816 2982

2982 328 400 2584

1854 204 1854 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

3000 420 0 3000

3000 420 0 3000

3000 420 0 3000

3000 420 0 3000

3000 420 0 3000

2510 351 2510 0

0 0 0 0

0 0 0 0

1938 364 0 0 2303

2303 433 0 0 2736

2736 514 0 0 3259

3250 611 0 0 3861

3861 726 0 0 4587

4857 862 0 0 5162

5162 970 0 0 2801

2801 527 0 0 0

1229 231

1460 275

1735 326

2061 387

2448 460

2909 547

3455 650

4105 772

1460

1735

2061

2448

2909

3455

4105

% (1990 - 1998)

TN-6 Cost of capital under management group plan using tax adjusted discount rates (millions of dollars) Assumptions Bank Debt Subordinate Debt: beta 0 beta 0.25 Unlevered asset Beta 0.7 after tax rate (a) 0.06 after tax rate (a) 0.07 Risk free rate 9% risk premium 8% Assumed debt: preferred stock beta 0 beta 0.25 after tax rate (a) 0.06 interest rate 0.07

1989 Beginning of year book values (b) Assumed debt bank debt sunordinated debt

5204 15000 3000

preferred stock convertible preferred

1373 916

market value of equity ©

2500

value of RJR Nabisco Equity Beta (d)

27993 7.3

Cost of Equity (e)

67.50%

WACC(f)

11.70%

(a) (b) c

Using a 34% tax rate, after tax debt rates are calculated as 66% of the CAPM determ Exhibit TN-5 Value at the beginning of the year. Assumes that the market value of equity begins

(d)

The equity beta with positive subordinated debt and preferred stock betas is

1990

1991

1992

1993

1994

1995

1996

1997

1998

4894 3292 3000

4519 3075 3000

3798 2877 3000

2982 2411 3000

2852 1217 3000

1854 0 3000

0 0 2510

0 0

0 0

1632 1035

1938 1229

2303 1460

2736 1735

3250 23061

3861 2448

4587 2909

5162 3455

2801 4105

4187

5461

6905

5830

10347

12369

14614

17108

19916

18039

19222

20343

21394

22457

23532

24620

25725

26822

2.7

2.2

1.8

1.5

1.3

1.1

1

0.9

0.9

30.40%

26.50%

23.50%

21.30%

19.50%

18.10%

17.10%

16.40%

15.80%

12.00%

12.20%

12.40%

12.50%

12.70%

12.90%

13.10%

13.30%

13.60%

s 66% of the CAPM determined rate based on the assumed beta. Preferred stock expected returns are also calculated using the CAPM

ket value of equity begins at the management groups equity investment of $2.5 billion and grows at the cosqt of equity

erred stock betas is

also calculated using the CAPM

e cosqt of equity

Valuing the cash flows to capital under the managemnt group plan when tax adjusted discount rates are included in the ca Cash Flows 1989 Cash flows available for capital payments 12018 After tax cash interest 1843 Cash flows available for capital© 13861 WACC(d) 11.7% Cumulative discount factor 0.9 Present value 12474.9 As per sheet 12411 Valuation Growth in cash flows after 1998 Present value of cash flows,1989-1998 Present value of terminal value(f)

Less: Assumed debt Net value Net value per share(g)

1990 593 893 1486 12.0% 0.8 1188.8 1187

1991 919 849 1768 12.2% 0.71 1255.28 1259

1992 1282 781 2063 12.4% 0.63 1299.69 1308

0% 23375 8175

2% 23375 9580

31550 5204 26346 115.048

32955 5204 27751 121.1834

Assume 229 million shares outstanding Assume a 34% tax rate equals interest in Exhibit 6 times 66% Cash flows available for capital©equlas Cash flows available for capital payments plus cash interest

1993 1594 685 2279 12.5% 0.56 1276.24 1284

rates are included in the cash flows(mn of dollrs exceot per share data) 1994 1946 561 2507 12.7% 0.5 1253.5 1253 4% 23375 11568

34943 5204 29739 129.8646

1995 2344 412 2756 12.9% 0.44 1212.64 1220

1996 2797 232 3029 13.1% 0.39 1181.31 1187

1997 3332 0 3332 13.3% 0.35 1166.2 1151

1998 3666 0 3666 13.6% 0.3 1099.8 1115

Valuing the cash flows to capital under the KKR's plan when interest tax sheilds are included in the cash flows(mn of dollrs Cash Flows 1989 1990 Cash flows available for capital 3732 payments3521 After tax cash interest 2548 2103 Cash flows available for capital© 6280 5624 WACC(d) 14.6% 14.6% Cumulative discount factor 0.87 0.76 Present value 5463.6 4274.24 As per sheet 5480 4283 Valuation Growth in cash flows after 1998 0% Present value of cash flows,1989-1998 21872 Present value of terminal value(f) 7572

Less: Assumed debt Net value Net value per share(g)

29444 5204 24240 105.8515

1991 1414 1685 3099 14.6% 0.66 2045.34 2059

1992 1740 1522 3262 14.6% 0.58 1891.96 1891

1993 1983 1321 3304 14.6% 0.51 1685.04 1672

1994 2383 1088 3189 14.6% 0.44 1403.16 1532

2% 21872 8774

4% 21872 10429

30646 5204 25442 111.1004

32301 5204 27097 118.3275

1995 2832 806 3319 14.6% 0.39 1294.41 1401

Discount rate is computed using the CAPM model with an unlevered asset beta of 0.7 a risk free rate of 9% and risk premium Assume 229 million shares outstanding Assume a 34% tax rate equals interest in Exhibit 5 times 66% Cash flows available for capital©equlas Cash flows available for capital payments plus cash interest

ed in the cash flows(mn of dollrs exceot per share data) 1996 3330 487 3351 14.6% 0.34 1139.34 1283

1997 3956 21 3977 14.6% 0.29 1153.33 1166

1998 4319 0 4319 14.6% 0.26 1122.94 1106

free rate of 9% and risk premium of 8%

TN-9 capital structure for RJR Nabisco under KKR's Operating Plan (millions of dollars) Bank debt

Amount = $ 12380

Amount = $5204

Amount = $3500

Beginning Balance Interest Paydown Ending Balance PIK Preferred

Amount = $ 1373

Beginning Balance PIK dividends Cash Dividends Paydown Ending Balance Convertible Beginning Balance PIK dividends Cash Dividends Paydown Ending Balance

12380 1486 3422 8958

8958 1075 3146 5812

5204 572 310 4894

4894 538 375 4519

3500 490 0 3500

3500 490 0 3500

Interest Rate = 11%

Beginning Balance Interest Paydown Ending Balance Subordinated Debt

1990

Interest rate = 12 %

Beginning Balance Interest Paydown Ending Balance Assumed Debt

1989

Interest Rate = 14%

Interest Rate = 15% (1989-1990), 17.2%(1991-1992) 1373 206 0 0 1580

Amount = $ 2518

1580 237 0 0 1817

Interest Rate = 15 % (1989-1990), 18.8% (1991 - 1998) 2518 378 0 0 2896

2896 435 0 0 3331

1991

1992

1993

1994

1995

1996

1997

1998

5812 697 693 5119

5119 614 924 4195

5195 503 1583 2612

2612 313 1983 629

629 76 629 0

0 0 0 0

0 0 0 0

0 0 0 0

4519 497 721 3798

3798 418 816 2982

2982 328 400 2582

2582 284 400 2182

2182 240 2182 0

0 0 0 0

0 0 0 0

0 0 0 0

3500 490 0 3500

3500 490 0 3500

3500 490 0 3500

3500 490 0 3500

3500 490 21 3479

3479 487 3330 149

149 21 149 0

0 0 0 0

2129 366 0 0 2495

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

3958 744 0 0 4702

4702 884 0 0 5586

5586 1050 0 0 6636

6636 1248 0 0 7883

7883 1482 0 0 9365

9365 1761 0 3806 7320

7320 1376 0 4319 4377

17.2%(1991-1992) 1817 312 0 0 2129

), 18.8% (1991 - 1998) 3331 626 0 0 3958

Cost of capital under KKR's plan using the tax-adjusted discount rates [millions of dollars] Assumptions Unlevered beta = 0.70 Risk free rate = 9% Risk premium =8% Beginning of year book values [b] Assumed debt Bank debt senior subordinated debt subordinated debt converting debt preferred stock market value of equity [c] value of rjr nabisco equity beta [d] cost of equity [e] wacc [f]

1989

1990

5204 12380 3500 0 1373 2518 1500 26475 11.1 98 11.5

4894 8958 3500 0 1580 2896 2970 24798 5.2 50.4 11.7

a=using a 34% tax rate, after tax debt rates are calculated as 66% of the CAPM determined rate based on the assumption bet b= exhibit 9 c=value at the beginning of the year. Assumes that the market value of equity begins at KKR's equity investment of $2.5 billio

Beta After tax rate [a]

Bank debt Sub-ordinated debt converting debt assumed debt preferred stock 0 0.25 0.25 0 0.25 0.06 0.07 0.07 0.06 0.07

1991

1992

1993

1994

1995

1996

4519 5812 3500 0 1817 3331 4466 23446 3.2 34.5 11.9

3798 5119 3500 0 2129 3958 6008 24512 2.5 28.7 12

2982 4195 3500 0 0 4792 10469 26848 1.5 21.3 12.6

2582 2612 3500 0 0 5586 12695 26975 1.3 19.5 12.8

2182 629 3500 0 0 6636 15167 28114 1.1 18 12.9

0 0 3479 0 0 7883 17903 29266 1 16.9 13.1

ed rate based on the assumption beta. Preferred stock expected returns are also calculated using the CAPM.

KKR's equity investment of $2.5 billion and grows at the cost of equity. Convertible debt becomes equity in 1992.

1997

1998

0 0 149 0 0 9365 20926 30441 0.9 16.2 13.4

0 0 0 0 0 7320 24324 31644 0.8 15.7 13.7

Valuing the cash flows to capital under the KKR's plan using tax adjusted discount rates (mn of dollrs exceot per share data Cash Flows Cash flows available for capital payments After tax cash interest Cash flows available for capital© WACC(d) Cumulative discount factor Present value As per sheet Valuation Growth in cash flows after 1998 Present value of cash flows,1989-1998 Present value of terminal value(f)

Less: Assumed debt Net value Net value per share(g)

1989 3732 1682 5414 11.5% 0.9 4872.6 4854

1990 3521 1388 4909 11.7% 0.8 3927.2 3941

1991 1414 1112 2526 11.9% 0.72 1818.72 1813

1992 1740 1005 2745 12.0% 0.64 1756.8 1758

1993 1983 872 2855 12.6% 0.57 1627.35 1625

1994 2383 718 2915 12.8% 0.5 1457.5 1565

0% 21206 9628

2% 21206 11268

4% 21206 13583

30834 5204 25630 111.9214

32474 5204 27270 119.083

34789 5204 29585 129.1921

Discount rate is computed using the CAPM model with an unlevered asset beta of 0.7 a risk free rate of 9% and risk premium Assume 229 million shares outstanding Assume a 34% tax rate equals interest in Exhibit 5 times 66% Cash flows available for capital©equlas Cash flows available for capital payments plus cash interest

ollrs exceot per share data) 1995 2832 532 3153 12.9% 0.45 1418.85 1503

1996 3330 321 3344 13.1% 0.39 1304.16 1442

e of 9% and risk premium of 8%

1997 3956 14 3970 13.4% 0.35 1389.5 1382

1998 4319 0 4319 13.7% 0.31 1338.89 1322

Summary of the values of the three different rjr nabisco plans when interest tax shields are included in the cash flows (millions of dollars except per share data) Discount rate [a] cumulative discount factor [b]

1989 14.6 0.87

1990 14.6 0.76

1991 14.6 0.66

517 582 1099 959

948 662 1610 1225

1399 693 2092 1390

12018 2792 14810 12923

593 1353 1946 1482

919 1286 2205 1465

3732 2548 6280 5480

3521 2103 5625 4283

1414 1685 3099 2059

Valuing the cash flows to capital under the pre-bid plan [interest tax shields in cash flows] Cash flows for available for capital payments[h] [exh.5] Cash interest [exh.5] Cash flows available for capital [h] present value

Valuing the cash flows to capital under the management group plan [interest tax shields in cash flows] Cash flows for available for capital payments[h] [exh.5] Cash interest [exh.5] Cash flows available for capital [h] present value

Valuing the cash flows to capital under KKR's plan [interest tax shields in cash flows] Cash flows for available for capital payments[h] [exh.5] Cash interest [exh.5] Cash flows available for capital [h] present value

1992 14.6 0.58

1993 14.6 0.51

1994 14.6 0.44

1995 14.6 0.39

1996 14.6 0.34

1997 14.6 0.29

1998 Terminal Value [c] 14.6 0.26

2073 690 2763 1602

2551 658 3209 1624

2869 594 3463 1529

3253 458 3711 1429

3617 410 4027 1354

4075 259 4334 1271

4589 -21 4568 1169

31288 8008

1282 1183 2465 1429

1594 10387 2631 1331

1946 850 2796 1234

2344 624 2967 1143

2797 351 3149 1058

3332 0 3332 997

3666 0 3666 938

25109 6427

1740 1522 3262 1891

1983 1321 3304 1672

2383 1088 3471 1532

2832 806 3637 1401

3330 487 3817 1283

3956 21 3977 1166

4319 0 4319 1106

29584 7572

Total [d]

less debt [e]

equity value [f]

per share [g]

21561

5204

16357

71

30408

5204

25204

110

29444

5204

24240

106

TN-13 Summary of values of the three different RJR Nabisco plans using after tax adjusted discount rates (millions of dollar 1989 1990 1991 Valuing the cash flows to capital under the prebid plan (interest tax shield in WACC) Cash Flows Available for 517 948 1399 Capital Payments (f) 384 437 457 After tax cash interest Cash Flows Available for 901 1385 1856 Capital WACC 13.70% 13.80% 13.90% Cumulative WACC 0.88 0.77 0.68 Present Value 793 1070 1259 Valuing the cash flows to capital under the management group plan (interest tax shields in WACC) Cash Flows Available for Capital Payments 12018 593 919 After tax cash interest 1843 893 849 Cash Flows Available for Capital 13861 1486 1768 WACC 11.70% 12.00% 12.20% Cumulative WACC 0.9 0.8 0.71 Present Value 12411 1187 1259 Valuing the cash flows to capital under the KKR's plan (interest tax shields in WACC) Cash Flows Available for Capital Payments 3732 3521 After tax cash interest 1682 1388 Cash Flows Available for Capital 5414 4909 WACC 11.50% 11.70% Cumulative WACC 0.9 0.8 Present Value 4854 3941

a b c d e f

calculated as a perpetuity of the 1998 cash flows present

1414 1112 2526 11.90% 0.72 1813

d discount rates (millions of dollars except pe share data) 1992 1993 1994 1995

1996

1997

a b 1998 Terminal Value Total

2073 455

2551 434

2869 392

3253 302

3671 271

4075 171

4589 -14

2528

2985

3261

3555

3942

4246

4575

31337

14.10% 0.59 1502

14.20% 0.52 1553

14.30% 0.46 1484

14.40% 0.4 1414

14.60% 0.35 1349

14.60% 0.3 1286

14.60% 0.26 1209

8283

1282 781

1594 685

1946 561

1344 412

2797 232

3332 0

3666 0

2063 12.40% 0.63 1308

2279 12.50% 0.56 1284

2507 12.70% 0.5 1253

1756 12.90% 0.44 1220

3029 13.10% 0.39 1187

3332 13.30% 0.35 1151

3666 13.60% 0.3 1115

1740 1005

1983 872

2383 718

2832 532

3330 321

3956 14

4319 0

2745 12.00% 0.64 1758

2855 12.60% 0.57 1625

3101 12.80% 0.5 1565

3364 12.90% 0.45 1503

3651 13.10% 0.39 1442

3970 13.40% 0.35 1382

4319 13.70% 0.31 1322

21203

26882

8175

31550

31447

9628

30834

c d e Less Debt Equity Value Per Share

5204

15999

70

5204

263465

115

5204

25630

112

TN-14 Selected Operating Flows Under the three different Plans 1989

1990

1991

198 936 949

225 796 460

236 679 437

Planned Capital Expenditure Pre-bid strategy KKR's Strategy Management Group's Startegy

1708 774 432

1462 556 381

1345 555 380

Net Proceeds from Asste Sales Pre-bid strategy KKR's Strategy Management Group's Startegy

0 3500 12680

0 2700 0

0 0 0

2993 3121 2299

3352 3414 2584

Interest Tax Shields (interest * tax rate) Pre-bid strategy KKR's Strategy Management Group's Startegy

After-tax operating cash flows (operating profits * (1 - tax rates) + depriciation) Pre-bid strategy 2720 KKR's Strategy 3049 Management Group's Startegy 2042

NOTE: Data for prebid strategy are from Exhibit 5; for the management group strategy fro Exhibit 6 and for KKR's strategy fro (a) terminal values are calculated as perpetuities of the 1998 value without growth using a 14.6% discount rate (b) Calculated using a 14.6% discount rate

1992

1993

1994

1995

1996

1997

235 642 402

224 449 353

2 37 289

156 274 212

139 166 119

88 7 0

-7 0 0

0 0 0

930 572 389

738 586 396

735 598 402

735 618 412

735 636 422

735 658 432

735 678 442

5034 4644 3024

0 0 0

0 0 0

0 0 0

0 0

0 0 0

0 0 0

0 0 0

0 0 0

3632 3639 2891

2924 3895 3118

4228 4162 3357

4560 4453 3621

4925 4771 3910

5326 5120 4229

5761 5501 4580

39458 37678 31367

xhibit 6 and for KKR's strategy from exhibit 7 using a 14.6% discount rate

1998 1998 Terminal Value (a)

Present value(b) 970 2800 2130

6957 4367 2836

0 5110 11064

29385 29096 23134

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