Presentation - World Services Group

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Simplified FCF Calculation (One Year)Year 1Sales 556.19EBITDA 194.67Depreciation (18.00)Amortization (10.00)EBIT 166.67Taxes (@ 40%) (66.67)EBIT (1-T) or NOPAT 100.00AdjustmentsAdd: Depreciation and Amortization 28.00Less: Capital Expenditures (25.00)Less: Investment in Working Capital (15.00)Free Cash Flow 88.0018
Sample DCF Output (Abbreviated)Year 1 Year 2 Year 3 Year 4 Year 5 ResidualFree Cash Flow 88.0 96.8 106.5 115.0 123.0 129.20Present Value (@15%) 76.52 73.19 70.01 65.75 61.18Total PV of Cash Flows Capitalization Rate 10%(Years 1 - 5) 346.7 Gross Residual Value 1,292(Plus: Residual Cash Flows) 642.4PV of Residual 642Business Enterprise Value $989.019
Page 3: 19951996199719981999200020012002200
Page 6 and 7: M&A: The Year in Review and a Look
Page 8 and 9: Q2'95Q1'96Q4'96Q3'97Q2'98Q1'99Q4'99
Page 14 and 15: M&A Valuation MethodologiesJeffrey
Page 16 and 17: Discounted Cash Flow Method16
Page 20 and 21: Discounted Cash Flow: Projections
Page 22 and 23: Current Issues Impacting DCF Method
Page 24 and 25: Guideline Public Company Method (GP
Page 26 and 27: Considerations for GPCM (cont’d)
Page 28 and 29: Current Issues Impacting GPC Method
Page 30 and 31: Precedent Transactions• Steps:1)
Page 32 and 33: Current Issues Impacting Precedent
Page 34 and 35: Summary and Other Considerations•
Page 36 and 37: ‣ One of the larger locally owned
Page 38 and 39: ‣ Medical Practice Acquisitions
Page 40 and 41: ‣ Financial Modeling- Valuation-
Page 42: ‣ Accounting - Post-Close- Audit-

Presentation - World Services Group

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