e.
Figure 4. Discounted Cash Flow Analysis
$’ 000 FY15E FY16E FY17E FY18E FY19E
EBIT (24,805.6) (28,613.6) (30,973.7) (22,937.5) 40,660.2
Less: Tax 0.0 0.0 0.0 0.0 10,165.0
NOPLAT (24,805.6) (28,613.6) (30,973.7) (22,937.5) 30,495.1
Changes in working capital 20,571 38,511 80,548 140,512 23,494
Depreciation & Amortization 1,150 1,380 1,655 1,987 2,384
Capex (1,537) (1,845) (2,214) (2,656) (3,188)
FCFF (4,622.0) 9,432.4 49,015.8 116,904.9 53,185.4
Discount factor 0.91 0.76 0.63 0.52 0.44
PV of FCFE (4,211.4) 7,142.7 30,863.0 61,206.0 23,153.4
Sum of PV of FCFE 119,113.6
Terminal cash flow 447,895.6
PV of terminal cash flow 196,567.9
Enterprise value 315,681.4
Less: Debt 2,850
Add: Cash 680
Equity value 319,211
Outstanding shares (mn) 7.0
Fair value per share ($) 45.34
Summary conclusions Key assumptions
DCF FV ($ per share) 45.34 Beta 1.1
Recent price ($ per share) 5.70 Cost of equity 20.3%
Upside (downside) 695.5% Cost of debt (post tax) 4.8%
WACC 20.3% Terminal Growth Rate 7.5%
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