apple itv solutions
TRANSCRIPT
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Finite Life
Summary of Inputs / Cost of Capital ComputationGrowth in Total Market = 4.00%Target Market Share = 5.00% Allocated ExpensesEBITDA Margin = NA Item Current Expenses GrowRiskfree rate = 3.50% G&A 500000Tax Rate = 40% Advertising 1000000Inflation rate = 2.00%Price per unit = $1,000.00Variable cost per unit = $400.00 Capacity CostMarketing cost (Outside retail) 10% Unit capacity =Marketing cost (Apple Stores) 5% Used by computer displays =Percent of units sold- outside 80% Growth in computer displays=
Cost of new capacity = $5Share Price = 350.00$Number of Shares Outstanding = 920,000.00 (in 000s)Pre-tax cost of debt = 4.35% 0.0435 Synergy benefitsInterest expense $0.00 Increment revenue in year 1 = 1
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Finite L
Book Value of Debt = $0.00 After-tax operating margin =Average Maturity of Debt = 3.00Market Value of Equity = 322,000,000$Market Value of Interest bearing Debt = -$
PV of Operating Leases = 1,730,858$Total Debt outstanding = 1,730,858$MV Debt/Equity Ratio = 0.54%
MV Debt/Capital Ratio = 0.53%Unlevered Beta for iTV = 1.7786Levered Beta for iTV = 1.7843
Market Risk Premium = 5.51% (Includes country risk for Brazil and China)Cost of Equity = 13.33%
After-tax Cost of Debt = 2.61%Cost of Capital for iTV = 13.27%Unlevered beta for iTunes = 1.10
Levered beta for iTunes 1.1035Cost of equity for iTunes= 9.58%
Cost of capital for iTunes = 9.54%Year 0 1 2 3 4
Total Market 30000.00 31200.00 32448.00 33745.92 35095.76
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Finite L
Market Share 0.00% 2.50% 3.00% 3.50% 4.00%Units sold 780.00 973.44 1181.11 1403.83- Outside retailers 624.00 778.75 944.89 1123.06- Apple Stores 156.00 194.69 236.22 280.77
Price per unit $1,000.00 $1,020.00 $1,040.40 $1,061.21Variable cost per unit $400.00 $408.00 $416.16 $424.48Marketing cost per unit (retail) $100.00 $102.00 $104.04 $106.12
Marketing cost per unit (Apple) $50.00 $51.00 $52.02 $53.06
Revenues 780,000$ 992,909$ ######## 1,489,756$
- Production Costs 312,000$ 397,164$ 491,530$ 595,902$ $- Marketing Costs (Retail stores) 62,400$ 79,433$ 98,306$ 119,180$ $
- Marketing Costs (Apple stores) 7,800$ 9,929$ 12,288$ 14,898$ $- Deprec'n (including capacity) 200,000$ 200,000$ 200,000$ 200,000$ $- Allocated G&A 102,500$ 118,773$ 136,652$ 156,272$ $
- Advertising Exp. 126,000$ 132,300$ 138,915$ 145,861$ $Operating Profit (30,700)$ 55,310$ 151,133$ 257,642$ $Taxes (40% marginal tax rate) (12,280)$ 22,124$ 60,453$ 103,057$ $
EBIT(1-t) (18,420)$ 33,186$ 90,680$ 154,585$ $
+ Deprec'n 200,000$ 200,000$ 200,000$ 200,000$ $+ Fixed Allocated Exp (1-t) 31,500$ 33,075$ 34,729$ 36,465$ $
- Cap Ex 2,200,000$ -$ -$ -$ $- Opp. Cost of Capacity -$ $- Chg in WC 51,480$ 14,052$ 15,570$ 17,222$ 19,016$ $
+ Salvage Value
After-tax Cashflow (2,251,480)$ 199,028$ 250,691$ 308,187$ 372,035$ $
Working Capital Worksheet
Inventory 31,200.0$ $39,716 $49,153 $59,590Accounts Rec 39,000.0$ $49,645 $61,441 $74,488
- Acc Payable 18,720.0$ $23,830 $29,492 $35,754Working Capital 51,480$ 65,532$ 81,102$ 98,324$ $
Chg in WC 51,480$ 14,052$ 15,570$ 17,222$ $
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Finite L
Capital Expenditure Worksheet
Investment: Infrastructure 2,000,000$ -$ -$Investment: Stores 200,000$
BV: Beg 2,200,000$ 2,000,000$ ######## 1,600,000$ Depreciable BV 2,000,000$ 1,800,000$ ######## 1,400,000$ STL Deprecn 200,000$ 200,000$ 200,000$ 200,000$ $
BV: End 2,200,000$ 2,000,000$ 1,800,000$ ######## 1,400,000$
Allocated Expenses Worksheet
Total Corporat e G&A 500,000$ 525,000$ 551,250$ 578,813$ 607,753$ $Allocated Corporate G&A 52,500$ 55,125$ 57,881$ 60,775$ $
Divisional G&A 50,000$ 63,648$ 78,771$ 95,497$ $
Adverstising Expense Worksheet
Without Apparel 1,000,000$ 1,050,000$ 1,102,500$ ######## 1,215,506$ With Apparel 1,000,000$ 1,176,000$ 1,234,800$ ######## 1,361,367$
Incremental Advertising cost 126,000$ 132,300$ 138,915$ 145,861$ $
Distribution System Worksheet
Capacity used by Commputer displays 30.00% 34.50% 39.68% 45.63% 52.47%Capacity used by ITV 19.50% 24.34% 29.53% 35.10%
Total capacity used 30.00% 54.00% 64.01% 75.15% 87.57%
Expansion Investment
Depreciation on Capacity expansion
Depreciation on Expansion (STL: 20 year life; Salvage=0)Remaining Balance
Cost of Capital for itv = 13.27%
Value of side-benefit (synergy) for iTunes store
Incremental Revenues $100,000 $102,000 $104,040 $106,121After-tax operating income (CF) $20,000 $20,400 $20,808 $21,224PV of cash flows $18,258 $17,000 $15,830 $14,740
PV of iTunes synergy = $135,235
Year 0 1 2 3 4
Cash Flow from iTV (2,251,480)$ 199,028$ 250,691$ 308,187$ 372,035$ $PV of Cash Flows from iTV (2,251,480)$ 175,704$ 195,378$ 212,041$ 225,973$ $Net Present Value of iTV (74,421)$+ PV of iTunes synergy = 135,235$
Overall NPV = 60,814$
Total incremental cashflow (2,251,480)$ 219,028$ 271,091$ 328,995$ 393,259$ $
Internal Rate of Return = 13.61%
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Summary of Inputs / Cost of CapGrowth in Total Market = 4%
Target Market Share = 5.00% Allocated ExpEBITDA Margin = NA ItemRiskfree rate = 3.50% G&ATax Rate = 40% AdvertisingInflation rate = 2%Price per unit = $1,000.00Variable cost per unit = $400.00 Capacity CosMarketing cost (Outside retail) 10% Unit capacity =Marketing cost (Apple Stores) 5% Used by compPercent of units sold- outside 80% Growth in com
Cost of new caShare Price = 350.00$
Number of Shares Outstanding = 920,000.00 (in 000s)Pre-tax cost of debt = 4.35% Synergy beneInterest expense $0.00 Increment revBook Value of Debt = $0.00 After-tax opera
Average Maturity of Debt = 3.00Market Value of Equity = 322,000,000$Market Value of Interest bearing De -$PV of Operating Leases = 1,730,858$Total Debt outstanding = 1,730,858$
MV Debt/Equity Ratio = 0.54%MV Debt/Capital Ratio = 0.53%Unlevered Beta for Business = 1.7786Levered Beta = 1.7843Market Risk Premium = 5.51%Cost of Equity = 13.33%After-tax Cost of Debt = 2.61%
Cost of Capital = 13.27%Unlevered beta for iTunes = 1.10Levered beta for iTunes 1.10
Cost of equity for iTunes= 9.58%Cost of capital for iTunes = 9.54%
Year 0 1 2 3
Total Market 30000.00 31200.00 32448.00 33745.92Market Share 0.00% 2.50% 3.00% 3.50%Units sold 780.00 973.44 1181.11- Outside retailers 624.00 778.75 944.89- Apple Stores 156.00 194.69 236.22Price per unit $1,000.00 $1,020.00 $1,040.40
Variable cost per unit $400.00 $408.00 $416.16
Marketing cost per unit (retail) $100.00 $102.00 $104.04Marketing cost per unit (Apple) $50.00 $51.00 $52.02
Revenues 780,000$ 992,909$ 1,228,824$- Production Costs 312,000$ 397,164$ 491,530$- Marketing Costs (Retail stores) 62,400$ 79,433$ 98,306$- Marketing Costs (Apple stores) 7,800$ 9,929$ 12,288$- Deprec'n (including capacity) 200,000$ 200,400$ 201,210$
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- Allocated G&A 102,500$ 118,773$ 136,652$- Advertising Exp. 126,000$ 132,300$ 138,915$
Operating Profit (30,700)$ 54,910$ 149,924$Taxes (12,280)$ 21,964$ 59,969$
EBIT(1-t) (18,420)$ 32,946$ 89,954$
+ Deprec'n 200,000$ 200,400$ 201,210$
+ Fixed Allocated Exp (1-t) 31,500$ 33,075$ 34,729$- Cap Ex 2,200,000$ 204,000$ 208,496$ 213,525$- Opp. Cost of Capacity -$- Chg in WC 51,480$ 14,052$ 15,570$ 17,222$+ Terminal Value
After-tax Cashflow (2,251,480)$ (4,972)$ 42,355$ 95,146$
Working Capital Worksheet
Inventory 31,200.0$ $39,716 $49,153Accounts Rec 39,000.0$ $49,645 $61,441- Acc Payable 18,720.0$ $23,830 $29,492Working Capital 51,480$ 65,532$ 81,102$
Chg in WC 51,480$ 14,052$ 15,570$
Capital Expenditure Worksheet
Investment: Infrastructure 2,000,000$ -$ -$Investment: Stores 200,000$
Capital Maintenance 204,000$ 208,496$ 213,525$BV: Beg 2,200,000$ 2,204,000$ 2,212,096$Depreciable BV 2,000,000$ 2,004,000$ 2,012,096$STL Deprecn 200,000$ 200,400$ 201,210$
BV: End 2,200,000$ 2,000,000$ 2,003,600$ 2,010,887$
Allocated Expenses Worksheet
Total Corporat e G&A 500,000$ 525,000$ 551,250$ 578,813$Allocated Corporate G&A 52,500$ 55,125$ 57,881$
Divisional G&A 50,000$ 63,648$ 78,771$
Adverstising Expense Worksheet
Without Apparel 1,000,000$ 1,050,000$ 1,102,500$ 1,157,625$With Apparel 1,000,000$ 1,176,000$ 1,234,800$ 1,296,540$
Incremental Advertising cost 126,000$ 132,300$ 138,915$
Distribution System Worksheet
Capacity used by Commputer displa 30.00% 34.50% 39.68% 45.63%Capacity used by ITV 19.50% 24.34% 29.53%
Total capacity used 30.00% 54.00% 64.01% 75.15%
Expansion Investment
Depreciation on Capacity expansion
Depreciation on Expansion (STL: 20 year life; Salvage=0)Remaining Balance on first expansion investment
Time Weighted Return Computation
Cost of Capital for iTV = 13.27%
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Value of side-benefit (synergy) for iTunes store
Incremental Revenues $100,000.00 $102,000.00 $104,040.00After-tax operating income $20,000.00 $20,400.00 $20,808.00
Terminal valuePV of cash flows $18,257.62 $17,000.38 $15,829.72PV of iTunes synergy = $265,136.68
PV of Cash Flows from iTV (2,251,480)$ (4,389)$ 33,009$ 65,463$Net Present Value of iTV (186,978)$PV of iTunes synergy = 265,137$
NPV = 78,159$
IRR Comp utation (Use the solver or go al seek func tion to g et to IRR)
Incremental Cash flows (iT & ITUne -$2,251,480 $15,028 $62,755 $115,954Terminal value (iTV and Itunes)PV -$2,251,480 $13,322 $49,314 $80,773NPV $0.00
IRR 12.81%
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tal Computation
enses
Current Expen Growth rate Proportion allocated500000 5% 10%
1000000 5% -
4000uter displays = 1200puter displays 15%pacity = $500,000.00 (in current $)
fits
nue in year 1 100000 ting margin = 20%
4 5 6 7 8 9 10
35095.76 36499.59 37959.57 39477.95 41057.07 42699.35 44407.334.00% 4.50% 5.00% 5.00% 5.00% 5.00% 5.00%
1403.83 1642.48 1897.98 1973.90 2052.85 2134.97 2220.371123.06 1313.99 1518.38 1579.12 1642.28 1707.97 1776.29280.77 328.50 379.60 394.78 410.57 426.99 444.07
$1,061.21 $1,082.43 $1,104.08 $1,126.16 $1,148.69 $1,171.66 $1,195.09
$424.48 $432.97 $441.63 $450.46 $459.47 $468.66 $478.04
$106.12 $108.24 $110.41 $112.62 $114.87 $117.17 $119.51$53.06 $54.12 $55.20 $56.31 $57.43 $58.58 $59.75
1,489,756$ 1,777,875$ 2,095,522$ 2,222,929$ 2,358,083$ 2,501,455$ 2,653,543$595,902$ 711,150$ 838,209$ 889,172$ 943,233$ 1,000,582$ 1,061,417$119,180$ 142,230$ 167,642$ 177,834$ 188,647$ 200,116$ 212,283$14,898$ 17,779$ 20,955$ 22,229$ 23,581$ 25,015$ 26,535$
202,441$ 204,110$ 233,836$ 236,438$ 239,543$ 243,182$ 217,510$
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156,272$ 177,780$ 201,333$ 212,850$ 225,032$ 237,916$ 251,544$145,861$ 153,154$ 160,811$ 168,852$ 177,295$ 186,159$ 195,467$
255,201$ 371,672$ 472,735$ 515,553$ 560,753$ 608,485$ 688,786$102,080$ 148,669$ 189,094$ 206,221$ 224,301$ 243,394$ 275,514$
153,121$ 223,003$ 283,641$ 309,332$ 336,452$ 365,091$ 413,272$
202,441$ 204,110$ 233,836$ 236,438$ 239,543$ 243,182$ 217,510$
36,465$ 38,288$ 40,203$ 42,213$ 44,324$ 46,540$ 48,867$219,129$ 225,354$ 232,253$ 239,887$ 248,323$ 257,637$ 267,917$
552,040$ -$ (597,546)$19,016$ 20,965$ 8,409$ 8,920$ 9,463$ 10,038$ -$
4,141,620$
153,882$ (332,957)$ 317,018$ 339,176$ 362,533$ 984,683$ 4,553,352$
$59,590 $71,115 $83,821 $88,917 $94,323 $100,058 $106,142$74,488 $88,894 $104,776 $111,146 $117,904 $125,073 $132,677$35,754 $42,669 $50,293 $53,350 $56,594 $60,035 $63,68598,324$ 117,340$ 138,304$ 146,713$ 155,634$ 165,096$ 175,134$
17,222$ 19,016$ 20,965$ 8,409$ 8,920$ 9,463$ 10,038$
219,129$ 225,354$ 232,253$ 239,887$ 248,323$ 257,637$ 267,917$2,224,412$ 2,241,099$ 2,262,343$ 2,288,362$ 2,319,413$ 2,355,795$ 2,397,853$2,024,412$ 2,041,099$ 2,062,343$ 2,088,362$ 2,119,413$ 2,155,795$ 2,197,853$
202,441$ 204,110$ 206,234$ 208,836$ 211,941$ 215,580$ 219,785$
2,021,971$ 2,036,990$ 2,056,109$ 2,079,526$ 2,107,472$ 2,140,216$ 2,178,068$
607,753$ 638,141$ 670,048$ 703,550$ 738,728$ 775,664$ 814,447$60,775$ 63,814$ 67,005$ 70,355$ 73,873$ 77,566$ 81,445$
95,497$ 113,966$ 134,328$ 142,495$ 151,159$ 160,350$ 170,099$
1,215,506$ 1,276,282$ 1,340,096$ 1,407,100$ 1,477,455$ 1,551,328$ 1,628,895$1,361,367$ 1,429,435$ 1,500,907$ 1,575,952$ 1,654,750$ 1,737,488$ 1,824,362$
145,861$ 153,154$ 160,811$ 168,852$ 177,295$ 186,159$ 195,467$
52.47% 60.34% 69.39% 79.80% 91.77% 105.54% 121.37%35.10% 41.06% 47.45% 49.35% 51.32% 53.37% 55.51%
87.57% 101.40% 116.84% 129.15% 143.09% 158.91% 176.88%
$552,040 $597,546.28
$27,602.02 $27,602.02 $27,602.02 $27,602.02 -$2,275$552,040 $524,438 $496,836 $469,234 $441,632 $443,908
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$106,120.80 $108,243.22 $110,408.08 $112,616.24 $114,868.57 $117,165.94 $119,509.26$21,224.16 $21,648.64 $22,081.62 $22,523.25 $22,973.71 $23,433.19 $23,901.85
$323,200.13$14,739.66 $13,724.67 $12,779.58 $11,899.56 $11,080.14 $10,317.15 $139,508.19
93,468$ (178,537)$ 150,070$ 141,743$ 133,750$ 320,708$ 1,309,219$
$175,107 -$311,309 $339,100 $361,699 $385,507 $1,008,117 $435,633$4,111,297
$108,129 -$170,409 $164,547 $155,586 $146,999 $340,764 $1,362,455
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Terminal year
44407.33 mature market (1)5.00% stable market share (2)
2220.37 (1)*(2) units sold constant1776.29 80% for retailers
444.07 20% for apple stores$1,218.99 price grows at inflation rate
$487.60 variable production cost grows at inflation rate
$121.90 marketing cost for retailers = 10% of the price per unit sold$60.95 marketing cost for apple stores= 5% of the price per unit sold
2,706,614$ Price*nb units sold1,082,646$ cost per unit*units sold
216,529$ marketing cost per unit for retailers * units sold by retailers27,066$ marketing cost per unit for apple stores * units sold by apple stores
221,860$ Assumption that year 11's depreciation = year 10's depreciation * (1+inflation)
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256,575$ same assumption for G&A199,377$ same assumption for advertising expenses
702,562$ revenues-operating costs281,025$ taxes (40%)
421,537$ Ebit (1-t)
221,860$ add depreciation see infra
49,844$ Cancel the effect of the allocated G&A226,297$ we need to maintain the level of capital : maintenance costs = economic depreci
// before
-$ WC not restituted because the project continuesterminal value: growing perpetuity with next year's CF of 466 944 and g=inflation
466,944$ EBIT (1-t)+ depreciation-G&A(1-t)- economic depreciation
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it simply grows at inflation rate
20% operating margin
terminal value at year 10 of a growing perpetuity starting at year 11
discounted to time 0
Incremental cash flows at time 10
Value at time 10 of the growing perpetuity starting at time 11
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ation
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Beta
Company Name Market Capitalization [Latest]AuraSound, Inc. $16.80Klegg Electronics Inc. $1.06Digital Video Systems, Inc $2.80SLS International Inc. $1.14Sonicblue Inc. $1.16
Avisio, Inc $2.52QRS Music Technologies, Inc. $2.45Electronic Game Card Inc. $1.84ZVUE Corporation $2.28Koss Corp. $53.70LOUD Technologies Inc. $0.41Singing Machine Co. Inc $1.55
DnC Multimedia Corporation $5.00Rockford Corp. $15.40Phoenix Gold International, Inc $1.85DEI Holdings, Inc. $45.10Wells-Gardner Electronics Cor $28.40
Defense Technology Systems $4.00Cobra Electronics Corp. $23.30Emerson Radio Corp. $71.10Universal Electronics Inc. $354.80
Mad Catz Interactive Inc. $100.80Interact-TV Inc. $1.50Harman International Industrie $3,395.00GTX Corp $2.81Sum $4,136.77
Aggregate
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Beta
Levered beta for sector = 1.67
D/E Ratio for sector = 17.86%Unlevered beta for sector = 1.51Cash/ Firm Value = 15.19%
Unlevered beta corrected for c 1.78
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Beta
Cash And Equivalents [Latest Annual] Total Debt [Latest Annual] 2 Year Beta$0.13 $3.00 0.65$0.05 $0.00 1.80$1.20 $0.00 1.53$0.80 $0.00 1.65$2.80 $5.00 2.88
$1.60 $2.93 2.13$1.05 $2.00 2.12$2.20 $1.50 1.67$1.10 $0.00 1.78$0.13 $1.25 1.19$0.15 $0.00 0.95$0.87 $4.15 1.56
$3.25 $0.50 1.30$1.85 $4.45 2.25$0.30 $0.80 2.23$0.20 $15.00 1.77$0.50 $8.30 1.75
$0.20 $1.20 1.76$1.13 $18.00 1.02$15.10 $5.86 1.10$54.20 $35.00 1.31
$2.25 $18.30 1.42$0.10 $0.15 1.60
$645.60 $379.70 1.98$0.46 $0.00 2.37
$737.21 $507.09
Average 1.671
Median 1.670
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Beta
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Beta
Firm Value terprise Val D/E Ratio ash/Firm Value$19.80 $19.67 17.86% 0.66%
$1.06 $1.01 0.00% 4.72%$2.80 $1.60 0.00% 42.86%$1.14 $0.34 0.00% 70.18%$6.16 $3.36 431.03% 45.45%
$5.45 $3.85 116.27% 29.36%$4.45 $3.40 81.63% 23.60%$3.34 $1.14 81.52% 65.87%$2.28 $1.18 0.00% 48.25%
$54.95 $54.83 2.33% 0.23%$0.41 $0.26 0.00% 36.32%$5.70 $4.83 267.74% 15.19%
$5.50 $2.25 10.00% 59.09%$19.85 $18.00 28.90% 9.32%
$2.65 $2.35 43.24% 11.32%$60.10 $59.90 33.26% 0.33%$36.70 $36.20 29.23% 1.36%
$5.20 $5.00 30.00% 3.85%$41.30 $40.17 77.25% 2.74%$76.96 $61.86 8.24% 19.62%
$389.80 $335.60 9.86% 13.90%
$119.10 $116.85 18.15% 1.89%$1.65 $1.55 10.27% 6.05%
$3,774.70 $3,129.10 11.18% 17.10%$2.81 $2.36 0.00% 16.19%
$4,643.87 $3,906.66
12.26% 15.87%52.32% 21.82%
17.86% 15.19%
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Operating Leases
Operating Lease Converter
Operating lease expenses are really financial expenses, and should be treated as such. Accounting sta
be treated as operating expenses. This program will convert commitments to make operating leases i
adjust the operating income accordingly, by adding back the imputed interest expense on this debt.
Inputs
Operating lease expense in current year = 271,000.00$
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, .
1 266,000.00$
2 267,000.00$
3 260,000.00$
4 244,000.00$
5 226,000.00$
6 and beyond 826,000.00$
Pre-tax Cost of Debt = 4.35%
Output
Number of years embedded in yr 6 estimate = 3 ! I use the average lease expense over the first
252,600.00$ to estimate the number of years of expenses in
Converting Operating Leases into debt
Year Commitment Present Value
1 266,000.00$ 254,911.36$
2 267,000.00$ 245,203.32$
3 260,000.00$ 228,821.06$
4 244,000.00$ 205,787.98$
5 226,000.00$ 182,661.14$
6 and beyond 275,333.33$ 613,472.79$ ! Commitment beyond year 6 converted into an annuity for 3 ye
Debt Value of leases = 1,730,857.66$
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Operating Leases
ive years
r 6
ars