By Francisco Coln Valds March 2017

LBO projections for CoMark

P&L ($ in millions) 1998P 1999P 2000P LTM 2001E 2002P 2003P 2004P 2005P 2006P CAGR % 2001-2006
Revenue $11.7 $15.6 $30.0 $35.0 $37.3 $50.5 $56.0 $60.9 $64.8 $69.1 13.1%
Gross Margin $3.2 $5.1 $11.4 $14.9 $15.3 $19.8 $21.0 $22.8 $24.1 $25.7 10.9%

Adjusted EBITDA $1.7 $3.3 $8.1 $10.6 $10.9 $14.7 $16.3 $17.7 $18.8 $19.9 12.8%
EBIT $1.4 $2.9 $7.7 $10.4 $10.7 $14.4 $16.0 $17.3 $18.3 $19.4 12.6%

CAPEX $0.1 $0.1 $0.1 $0.1 $0.1 $0.5 $0.5 $0.5 $0.5 $0.5

Balance Sheet EoY

($ in millions) 1998P 1999P 2000P LTM 2001E 2002P 2003P 2004P 2005P 2006P

NWC (excl cash) $1.0 $0.5 $2.3 $2.9 $5.3 $5.8 $6.3 $6.8 $7.1
Cash $0.7 $2.0 $1.2 $0.0 $0.0 $0.0 $3.7 $14.4 $26.1
Bank Loan (6.25%) $16.0 $10.6 $4.0 $0.0 $0.0 $0.0
Sellers note (8%) $9.0 $9.7 $10.5 $11.3 $12.2 $13.2 *Increases due to accrued interest
Total Debt $0.0 $0.0 $0.0 $25.0 $20.3 $14.5 $11.3 $12.2 $13.2
Shareholders Equity $2.0 $2.7 $3.8 $15.0 $22.5 $31.1 $40.8 $51.4 $62.8

Cash Flow to Equity

($ in millions) 1998P 1999P 2000P LTM 2001E 2002P 2003P 2004P 2005P 2006P
EBIT $14.4 $16.0 $17.3 $18.3 $19.4
(-) Interest expenses $1.4 $1.1 $0.9 $1.0 $1.1
(-) Taxes (@40%) $0.6 $0.4 $0.4 $0.4 $0.4
(-)Capex $0.5 $0.5 $0.5 $0.5 $0.5
(+) Changes in NWC ($2.4) ($0.5) ($0.5) ($0.5) ($0.3)
(+) New debt $0.0 $0.0 $0.0 $0.0 $0.0
(-) Debt repayment $5.4 $6.6 $4.0 $0.0 $0.0
FCFE $4.1 $6.9 $11.0 $15.9 $17.1