3 Statement model for Memtech International Ltd

In USD$ Thousands except per share items

x General Information
Company Name
Ticker
Share price as of
Latest closing share price date
Latest fiscal year end date
Balance checker

x Income Statement
Fiscal Year
Revenues
Cost of Sales
Gross Profit
Sales and Marketing Expenses
General and Administration Expenses
Other Operating Expenses
Share of Results of Associates
Currency Translation Gain(Loss)
Finance Costs
Other Income
Net Gain from Liquidation of Subsidiary
Profit/(Loss) before tax
Taxes
Profit/(Loss) after tax
Discontinued operation
Profit/(loss) from discontinued operation, net of tax
Profit/(Loss) for the year

Attributable to:
Owners of the company
Non-controlling Interest

Weighted average shares outstanding

Basic EPS (cents)

Growth rates & margins

Revenue growth
Gross profit as % of sales

EBITDA reconciliation
Profit/(Loss) before tax
Finance Costs
 Depreciation
EBITDA

x Segments
Fiscal Year
Sale of keypads
Sale of plastics
Sale of touch screen panels
Sale of automotive products
Sale of telecommunication products
Sale of consumer electronic products
Sale of industrial & medical products
Revenues
Revenue checker

x Balance sheet
Fiscal Year
Non-Current Assets
Property, plant & equipment
Investment in subsidiaries
Investment in associates
Long term investment
Intangible assets
Total Non-Current Assets

Current Assets
Cash and cash equivalents
Bank deposits pledged
Trade receivables
Bills and other receivables
Amounts due from subsidiaries
Prepayments
Inventories
Total Current Assets
Total Assets

Current liabilities
Trade payables and accruals
Bills and other payables
Amounts due to subsidiaries
Provision for taxation
Other liabilities
Loans and borrowings
Total Current liabilities

Non-current liabilities
Loans and borrowings
Deferred Tax liabilities
 Total Non-current liabilities
Total liabilities

Shareholder's equity
Share capital
Treasury shares
Currency translation reserve
Statutory reserve fund
Acquisition reserve
Revenue reserves
Non-controlling interests
Total Shareholder's equity
Total Liabilities and Shareholder's Equity

Balance check

Ratios
Return on assets
Return on book equity

x Cash Flow statement

Fiscal Year

Profit before tax or (loss)/profit before tax from continuing operations

Profit/(loss) before tax from discontinued operation
Loss before tax, Total
Depreciation of PPE
Amortisation of intangible assets
Interest expense
Interest income
Allowance for/(write-back of) doubtful trade recievables
Allowance for/(write-back of) stock obsolescence
Net loss/(gain) on disposal of PPE
Net gain from liquidation of subsidary
PPE written off
Impairement loss on PPE
Impairement loss on goodwill
Impairement loss on other recievables
Fire insurance claim
Impairment on investment in associates
Impairment on long term investment
Loss on liquidation of associate
Share of results of associates
Operating cashflows before changes in working capital
Trade and other recievables
Inventories
Trade and other payables
Cashflows generated from operations
 Interest income received
Interest paid
Income tax paid
Net cashflows generated from operating activities

Cashflows used in investing activities

Purchases of PPE
Proceeds from disposal of PPE
Interest income received
Proceeds from fire insurance claim
Acquisition of non-controlling interests
Proceeds from liquidation of associates
Proceeds from sale of associated company
Net cashflows generated from investing activities

Cashflows used in financing activities

Proceeds from loans and borrowings
Interest paid
Dividends paid on ordinary shares
Repayments of loans and borrowings
Purchases of treasury shares
Bank deposits pledged
Proceeds from issuance of shares by subsidary company to minority shareholders
Net cash flows used in financing activities
Net decrease in cash and cash equivalents
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the beg of the yr
Cash and cash equivalents at the end of the yr

Schedule 1
Fiscal Year

Schedule 2
Fiscal Year

Sources: Company informat

Memtech International Ltd
SGX:BOL
USD$ 0.44

Balanced

2010A 2011A 2012A 2013A 2014A 2015A

134,237 154,715 109,102.0 116,582 137,573 142,214
(104,166) (121,655) (94,956) (98,385) (113,536) (117,395)
30,071 33,060 14,146 18,197 24,037 24,819
(6,622) (8,777) (7,437) (7,969) (6,890) (7,253)
(11,138) (14,588) (9,910) (10,981) (11,460) (10,745)
(909) (214) (348) (635) (427) (146)
67 27 37 18 (4) (19)
339 (3,724) 1,379 (3,323) 441 670
(2) (84) (166) (196) (129) (94)
1,979 2,242 2,690 2,033 1,554 1,400
10,721 0
13,785 7,942 391 (2,856) 17,843 8,632
(2,571) (1,730) (197) (1,509) (783) (479)
11,214 6,212 194 (4,365) 17,060 8,153

(11,346) 561
11,214 6,212 (11,152) (3,804) 17,060 8,153

11,282 6,212 (11,152) (3,804) 17,060 8,153

(68)
11,214 6,212 (11,152) (3,804) 17,060 8,153

715,383 711,765 709,962 707,849 705,920 704,404

1.60 0.90 -1.60 -0.60 2.50 1.20

15% -29% 7% 18% 3%

22% 21% 13% 16% 17% 17%

13,785 7,942 391 (2,856) 17,843 8,632

2 84 166 196 129 94
 9,837 11,203 12,289 9,694 8,513 7,884
23,624 19,229 12,846 7,034 26,485 16,610

2010A 2011A 2012A 2013A 2014A 2015A

113,335 122,104 75,472
20,398 30,706 33,630
504 1,905
29,901 45,485 56,868
46,201 42,950 34,222
40,480 49,138 39,150
11,974
134,237 154,715 109,102 116,582 137,573 142,214
correct correct correct correct correct correct

2010A 2011A 2012A 2013A 2014A 2015A

40,218 50,601 46,807 43,545 44,720 41,650

1,724 643 723 718 713

2,205
1,477 1,552 792 816 880 809
45,624 52,796 48,322 45,079 46,313 42,459

39,100 34,576 34,912 37,094 32,433 26,767

2,148 12,829 971 2,253 1,395 2,018
46,266 49,755 41,391 44,692 51,589 51,023
15,649 16,395 7,284 6,709 5,746 10,008

4,614 3,079 1,680 1,794 2,022 3,416

8,431 12,737 9,178 9,630 13,402 15,737
116,208 129,371 95,416 102,172 106,587 108,969
161,832 182,167 143,738 147,251 152,900 151,428

27,319 27,907 20,900 23,803 27,859 26,357

9,962 11,403 3,819 4,850 4,750 6,320

1,701 718 110 209 369 238

361 512 556 783 889 447
0 10,233 2,556 1,111 1,111 1,111
39,343 50,773 27,941 30,756 34,978 34,473

0 0 2,444 3,333 2,222 1,111

2,483 3,270 2,892 3,379 3,574 3,510
 2,483 3,270 5,336 6,712 5,796 4,621
41,826 54,043 33,277 37,468 40,774 39,094

42,971 42,971 42,971 42,971 57,808 57,808

(816) (968) (1,054) (1,222) (1,311) (1,441)
18,242 25,674 23,743 28,757 2,822 (1,829)
8,011 8,531 8,418 8,547 9,065 9,332
(714) (714) (714) (714) (714) (714)
52,312 52,630 37,097 31,444 44,446 49,082
10 96
120,006 128,124 110,461 109,783 112,126 112,334
161,832 182,167 143,738 147,251 152,900 151,428

Balanced Balanced Balanced Balanced Balanced Balanced

7% 3% -8% -3% 11% 5%

9% 5% -10% -3% 15% 7%

2010A 2011A 2012A 2013A 2014A 2015A

13,785 7,942 391 (2,856) 17,843 8,632

(11,346) 561
13,785 7,942 (10,955) (2,295) 17,843 8,632
9,837 11,203 12,289 9,694 8,513 7,884
27
2 84 166 196 129 94
(469) (823) (668) (514) (641) (421)
(57) 254 514 (1,189)
909 (151) 66 880
539 102 (121) 491 (233)
(10,721)
164
2,854 806
761
1,391
(2,337)
939
2,198
17
(67) (27) (37) (18) 4 19
23,644 21,618 6,696 6,126 15,474 15,926
### 301 13,291 (2,882) (6,930) (5,991)
253 (1,340) 2,010 (26) (3,934) (3,423)
3,644 (518) (8,588) 6,630 3,900 2,175
14,728 20,061 13,409 9,848 8,510 8,687
 459
(111)
(1,187) (2,075) (1,107) (1,059) (919) (420)
13,541 17,986 12,302 8,789 7,591 8,615

(7,858) (18,592) (15,466) (6,972) (8,962) (7,609)

245 206 854 327 35 229
408 653 668 514 591
2,337
(1,200)
557
122
(7,848) (17,733) (13,944) (3,794) (8,336) (7,258)

10,229 8,500 2,000

(2) (2) (180) (186) (143)
(3,713) (6,276) (4,498) (1,731) (3,426) (3,219)
(13,733) (2,556) (1,112) (1,112)
(314) (152) (86) (168) (130)
(1,842) (10,572) 11,890 (1,252) 850 (705)
49 59
(5,871) (6,773) 1,893 (3,893) (3,782) (5,107)
(178) (6,520) 251 1,102 (4,527) (3,750)
1,182 1,996 85 1,080 (134) (1,916)
38,096 39,100 34,576 34,912 37,094 32,433
39,100 34,576 34,912 37,094 32,433 26,767

2010A 2011A 2012A 2013A 2014A 2015A

2010A 2011A 2012A 2013A 2014A 2015A

Company information - Annual Reports

Comments

Takes into account the weighted average effect of changes in treasury shares transaction during the year
ction during the year
 3 Statement model for Memtech International Ltd
In USD$ Thousands except per share items

x General Information
Company Name
Ticker
Share price as of
Latest closing share price date
Latest fiscal year end date
Balance checker
Revolver balance

x Income Statement
Fiscal Year
Fiscal Year end date

Revenue
Cost of sales
Gross Profit
Research & development
Selling, general & administrative
Operating profit (EBIT)
Interest income
Interest expense
Other expense
Pre-tax profit
Taxes
Net income

Basic shares outstanding

Impact of dilutive securities
Diluted shares outstanding

Basic EPS (cents)

Diluted EPS (cents)

Growth rates & margins

Revenue growth
Gross profit as % of sales
R&D margin
SG&A margin
Tax rate

EBITDA reconciliation
Net income
Finance Costs
Depreciation
Amortization
 EBITDA

x Segments
Fiscal Year
Fiscal Year end date
Sale of keypads
Sale of plastics
Sale of touch screen panels
Sale of automotive products
Sale of telecommunication products
Sale of consumer electronic products
Sale of industrial & medical products
Revenues
Revenue checker

Product
iPhone
iPad
Mac
iPod
iTunes / Software / Services
Accessories
Total
% growth

Units
iPhone
% growth
iPad
% growth
Mac
% growth
iPod
% growth

ASPs
iPhone
% growth
iPad
% growth
Mac
% growth
iPod
% growth

x Balance sheet
Fiscal Year
Fiscal Year end date
 Current Assets
Cash & equivalents ST & LT market. securities
Accounts receivable
Inventory
Deferred tax assets
Other current assets (Inc. non-trade receivables)
Total Current Assets

Non-Current Assets
Property, plant & equipment
Acquired intangible assets (Inc. Goodwill)
Other assets
Total Non-Current Assets
Total Assets

Current liabilities
Accounts payable
Accrued expenses & def rev. (current & non-current)
Revolver
Total Current liabilities

Non-current liabilities
Long term debt
Other non-current liabilities
Total Non-current liabilities
Total liabilities

Shareholder's equity
Common stock / additional paid in capital
Treasury stock
Retained earnings / accumulated deficit
Other comprehensive income / (loss)
Total Shareholder's equity
Total Liabilities and Shareholder's Equity

Balance check

Ratios
Net debt
Return on assets
Return on book equity
Asset turnover (Revenue / Total assets)
Net profit margin

x Cash Flow statement

Fiscal Year
Fiscal Year end date
Profit before tax or (loss)/profit before tax from continuing operations
 Profit/(loss) before tax from discontinued operation
Loss before tax, Total
Depreciation of PPE
Amortisation of intangible assets
Interest expense
Interest income
Allowance for/(write-back of) doubtful trade receivables
Allowance for/(write-back of) stock obsolescence
Net loss/(gain) on disposal of PPE
Net gain from liquidation of subsidiary
PPE written off
Impairment loss on PPE
Impairment loss on goodwill
Impairment loss on other receivables
Fire insurance claim
Impairment on investment in associates
Impairment on long term investment
Loss on liquidation of associate
Share of results of associates
Operating cashflows before changes in working capital
Trade and other receivables
Inventories
Trade and other payables
Cashflows generated from operations
Interest income received
Interest paid
Income tax paid
Net cashflows generated from operating activities

Cashflows used in investing activities

Purchases of PPE
Proceeds from disposal of PPE
Interest income received
Proceeds from fire insurance claim
Acquisition of non-controlling interests
Proceeds from liquidation of associates
Proceeds from sale of associated company
Net cashflows generated from investing activities

Cashflows used in financing activities

Proceeds from loans and borrowings
Interest paid
Dividends paid on ordinary shares
Repayments of loans and borrowings
Purchases of treasury shares
Bank deposits pledged
Proceeds from issuance of shares by subsidiary company to minority shareholders
Net cash flows used in financing activities
 Net decrease in cash and cash equivalents
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the beg of the yr.
Cash and cash equivalents at the end of the yr.

x Working Capital schedule

Fiscal Year
Fiscal Year end date
Accounts receivable
Beginning of period
Increases / (decreases)
End of period
AR as % of sales
Days sales outstanding (DSO)

Inventory
Beginning of period
Increases / (decreases)
End of period
Inventory as % of COGS
Inventory turnover

Accounts payable
Beginning of period
Increases / (decreases)
End of period
AP as % of COGS
Days payables outstanding (DPO)

Accrued expenses & def revenues

Beginning of period
Increases / (decreases)
End of period
Accrued expenses & def revs as % of sales
x Fixed assets schedule
Fiscal Year
Fiscal Year end date
PPE
Beginning of period
Plus: Capex purchases
Less: Depreciation
End of period
Capex
Capex as a % of revenue
Depreciation
Depreciation as a % of capex expenditure

Intangible assets (including goodwill)

Beginning of period
 Plus: Purchases of intangible assets
Less: Amortization
End of period
Purchases of intangible assets (as per company guidance)
Amortization (as per company guidance)

x Other balance sheet schedule

Fiscal Year
Fiscal Year end date
Other current assets (including non-trade recievables)
Beginning of period
Increases/(decreases)
End of period

Deferred tax assets (DTAs)

Beginning of period
Increases/(decreases)
End of period

Other assets
Beginning of period
Increases/(decreases)
End of period

Other non current liabilities

Beginning of period
Increases/(decreases)
End of period

x Debt Schedule
Fiscal Year
Fiscal Year end date
Long term debt
Beginning of period
Additional borrowings/(pay downs)
PIK Accurals
End of period
Interest expenses on Long term debt
Weighted average interest rates
% of interest expenses paid in cash
% of interest expenses paid in PIK

x Capital stock
Fiscal Year
Fiscal Year end date
Capital stock (common stock & APIC)
Beginning of the period
New stock issuance
Stock based compensation
PIK Accurals
 End of period
New stock issuance
Stock based compensation
SBC as a % of all operating expenses

Treasury stock
Beginning of the period
Less: Share buybacks
End of period
Stock repurchases

x Retained earnings schedule

Fiscal Year
Fiscal Year end date
Retained earnings
Beginning of period
Plus: Net income
Less: Common dividends
End of period
Net income
Dividend payout ratio
Dividend payout ratio

Other comprehensive income / (loss)

Beginning of period
Plus: Income / (loss)
End of period

x Revolver schedule
Fiscal Year
Fiscal Year end date
Revolver
Beginning of period
Increases/(decreases)
End of period
Maximum Availability
Compliance check
Revolver interest expense
Revolver interest (%)

Revolver needs analysis

Cash (BOP)
Minus: Minimum acceptable cash
Minimum cash as a % of revenue
Equals: Available cash (BOP)
Add: Free cashflows from current periods
Equals: cash surplus from current periods

Cash
 Beginning of period
Increases/(decreases)
End of period
Interest income
Cash interest (%)

x Sensitvitiy analysis

2015 EPS Sensitvitiy

x Scenario Analysis
Fiscal Year
Fiscal Year end date

Select an operating scenario:

Revenue growth
Gross profit as % of sales
R&D margin
SG&A margin

Revenue growth
Best case
Base case
Weak case
Gross profit as % of sales
x Best case
Base case
Weak case
R&D margin
Best case
Base case
Weak case
SG&A margin
Best case
Base case
Weak case
Memtech International Ltd
SGX:BOL
USD$ 0.44

Balanced
Balanced

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

N.M N.M N.M N.M N.M N.M

N.M N.M N.M N.M N.M N.M
N.M N.M N.M N.M N.M N.M
N.M N.M N.M N.M N.M N.M
N.M N.M N.M N.M N.M N.M
 2010A 2011A 2012A 2013A 2014A 2015A
9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015
113,335 122,104 75,472
20,398 30,706 33,630
504 1,905
29,901 45,485 56,868
46,201 42,950 34,222
40,480 49,138 39,150
11,974
134,237 154,715 109,102 116,582 137,573 142,214
not correct not correct not correct not correct not correct not correct

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015
 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
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

Balanced Balanced Balanced Balanced Balanced Balanced

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015
0 0 0 0 0 0
 (11,346) 561
0 0 (11,346) 561 0 0
9,837 11,203 12,289 9,694 8,513 7,884
27
2 84 166 196 129 94
(469) (823) (668) (514) (641) (421)
(57) 254 514 (1,189)
909 (151) 66 880
539 102 (121) 491 (233)
(10,721)
164
2,854 806
761
1,391
(2,337)
939
2,198
17
(67) (27) (37) (18) 4 19
9,859 13,676 6,305 8,982 (2,369) 7,294
### 301 13,291 (2,882) (6,930) (5,991)
253 (1,340) 2,010 (26) (3,934) (3,423)
3,644 (518) (8,588) 6,630 3,900 2,175
943 12,119 13,018 12,704 (9,333) 55
459
(111)
(1,187) (2,075) (1,107) (1,059) (919) (420)
(244) 10,044 11,911 11,645 (10,252) (17)

(7,858) (18,592) (15,466) (6,972) (8,962) (7,609)

245 206 854 327 35 229
408 653 668 514 591
2,337
(1,200)
557
122
(7,848) (17,733) (13,944) (3,794) (8,336) (7,258)

10,229 8,500 2,000

(2) (2) (180) (186) (143)
(3,713) (6,276) (4,498) (1,731) (3,426) (3,219)
(13,733) (2,556) (1,112) (1,112)
(314) (152) (86) (168) (130)
(1,842) (10,572) 11,890 (1,252) 850 (705)
49 59
(5,871) (6,773) 1,893 (3,893) (3,782) (5,107)
(13,963) (14,462) (140) 3,958 (22,370) (12,382)
1,182 1,996 85 1,080 (134) (1,916)
38,096 25,315 12,849 12,794 17,832 (4,672)
25,315 12,849 12,794 17,832 (4,672) (18,970)

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015
 2010A 2011A 2012A 2013A 2014A 2015A
9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015
 2010A 2011A 2012A 2013A 2014A 2015A
9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

100 Link this to CFS

-100
Revenue growth rate
0% 2% 4% 6% 8% 10%

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

Base case

10.0% 10.0% 10.0% 10.0% ###

0.0% 4048000.0% 4913800.0% 3915000.0% ###
0.0% 0.0% 0.0% 0.0% ###

37.5% 37.5% 37.5% 37.5% ###

37.1% 37.4% 37.4% 37.4% ###
36.5% 36.5% 36.5% 36.5% ###

2.5% 2.5% 2.5% 2.5% ###

2.9% 3.1% 3.1% 3.1% ###
3.3% 3.3% 3.3% 3.3% ###

6.4% 6.4% 6.4% 6.4% ###

6.8% 6.8% 6.8% 6.8% ###
7.0% 7.0% 7.0% 7.0% ###
Comments

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Spam iferror first

Comments

connect with total revenue

Comments
Serves as a plug

Comments
Comments

Comments

Bigger ur business, the higher capex to sales.

Take note of: Conceptually Capex is dividend into maintance (required to keep the business operating like bef
Mature Vs Startup. Discretionary Vs maintance (required)

Land is not depreciation. IFRS makes exception.

When company provides book value of PPE by category (land,machinery, buildingsetc.) along
Can be lumpy

Comments

Catch all items like prepaid expenses that companies chose not to explictly identify
If likely to tied to operation, then grow with revenue (look at footnotes)
Otherwise straight line

Comments

Comments

Sometimes treasury stock and capital stock are together

It can be at the statement of shareholder's equity
Good drivers are the % of all operatingf expenses

Why you want a separate line item

Comments

Important for this to work backwards to find common dividends

Usuaully forecast as 0

Comments

Most important, min function. Which ever is smaller, the amount needed which is negative or 0. Remember to pu

Usually AR or inventory
if statement. If outstanding of revolver balance is > max avaliability = overdrawn, "ok"

Cannot dip below this, so take it out. Can be a % of sales

Either used to decrease revolver balance or increase cash balance

Revolver (CFF => cash outflow)
Comments
siness operating like before). Capex used to grow the business

y, buildingsetc.) along with useful life estimates. A more complex depreciation schedule can be built
ve or 0. Remember to put negative sign
 DCF for Memtech International Ltd
In USD$ Thousands except per share items

x General Information
Company Name
Share price as of last close
Last closing share price date
Latest basic share count
Weighted average cost of capital

x Free cashflow buildup

Fiscal Year
Fiscal Year end date
EBIT
Less: Taxes
EBIAT
Depreciation and amortization
Stock based compensation
Accounts receivable
Inventory
Accounts payable
Accrued expenses & def revenues
Other current assets (inc. non-trade receivables)
Deferred tax assets (DTAs)
Other assets
Other non current liabilities
Unlevered CFO
Less: Capital expenditures
Less: Purchases of intangible assets
Unlevered FCF
% growth
Discount factor
Discounted FCF

Perpetutity approach
Unlevered FCF in last forecash period
FCF (T+1)
Long-term growth rate (3-5% global growth rate. Range is possibly 3-5%)
Terminal value (limited to
P.V of terminal value (terminal value/(1+wacc)^discount factor
P.V of stage 1 CF (add PV of all the CF above)
Enterprise value
Implied TV exit EBITDA multiple (EV/terminal year EBITDA)

Net Debt
Cash & equivalents ST & LT market securities (look at latest filing not 3 statements)
Long term debt
Net debt
Trapped cash/ tax on undistributed trapped cash

Options/ Warrants Data

Basic shares outstanding
Exercisable options
Exercise price
In-the-money exercisable option
Total proceeds ($Mil)
Total shares repurchased ($Mil)
Net dillutive options
Dillutive impact of shares from other securities
Net dillutive shares outstanding

Cost of capital assumptions

Cost of debt
Tax rate
After tax cost of debt (%)
Net debt
Debt as % of total capital

Risk free rate

Beta
Market risk premium
Cost of equity (%)
Market value of equity
Equity as % of total capital

WACC

Sensitivity analysis

Football field analysis

Memtech International Ltd

900
10%

2010A 2011A 2012A 2013A 2014A 2015A

9/24/2011 9/29/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015

36% 136% 236% 336% 436% 536%

Another thing to note is that line 31, for first projection. The CF would be a fraction
So need to 1) unlevered FCF * discount factor then use that CF to pair up
Because u pick share price at a certain date inbetween FS

Exit EBITDA mutiple approach

Terminal year EBITDA
Terminal year EBITDA Multiple
Terminal value
P.V of terminal value (terminal value/(1+wacc)^discount factor
P.V of stage 1 CF (add PV of all the CF above)
Enterprise value
Implied TV perpetual Growth rate solve for G

Fair value per share

Perpetuity EBITDA
 Enterprise value
Less: Net debt
Less: Trapped cash
Equity value
Dilluted shares
Equity value per share
Market premium/(discount) to fair value

if this, exercise if not 0

# of option to exercise * exercise price
Total of shares tat can be purchased (treasury stock method)
Net dillution

Revenue growth rate

0% 2% 4% 6% 8% 10%
 Low Difference High
XXX
Stacked column
Make it dissapear then
Comments

CA and CL

If distribute this, you cannot generate the kind of growth that forecast can meet. Need to re-invest
Reinvestment
Reinvestment

Sanity check
Use year frac because it wont be a complete year. Anchor start date, then move forward
unlevered FCF/(1+discount rate)^discount rate (36%)

FCF(t+1) solve for G

(Wacc-G)
Once u solve, plug in to see if u get the same enterprise value then correct alrdy
Sometimes people ignore or hey u will not get credit for that cash. Microsoft trapped cash
Can think about equity value as not only the value of the business attributed to equity holder but also cash in the

Share price as clost/

lder but also cash in the balance sheet
The Valuation Matrix is a very flexible analytical tool that easily allows customisation and has the ability to
show a significant amount of information for deal decision-making.

Valuation Matrix - Company name

($ in Millions)

Enterprise Value 1,200

Equity Value (1,2)
1,000
per share 25
Metric
Enterprise Value/Sales LTM 1,300 0.08
FY 2016A 1,400 0.17
FY 2017E 1,500 0.25

Enterprise Value/EBITDA LTM

FY 2016A
FY 2017E

Enterprise Value/EBIT LTM

FY 2016A
FY 2017E

Equity Value/Net Income LTM

FY 2016A
FY 2017E
Sources: Company information; I/B/E/S consensus estimates; CS IB analysis
(1) Assumes 40.0 million basic shares outstanding as of 31 December 2005
(2) Assumes there are no exercisable options outstanding
(3)
(4)
Comparables Table
In USD$ Thousands except per share items

Company name Ticker Price(1) Enterprise Value(2) Book Value(3)

Sunningdale Tech Ltd SGX:BHQ $ 0.76 142,400 218,400
Fisher Tech Ltd SGX:BDV $ 1.00 34,700 66,400
Memtech International Ltd SGX:BOL $ 0.44 42,400 111,400
Silitech Techology Corp TPE:3311 $ 0.46 (16,100) 136,900
Ichia Technologies Inc TPE:2402 $ 0.45 38,000 218,900

Mean
Median

Low
High

Memtech International Ltd SGX:BOL $ 0.44### 42,400### 111,400

Sources: Capital IQ, Retrieved at 13/12/2016, 4:24PM

(1) Last day closing price
(2) Latest EV value provided by Capital IQ
(3) Latest BV value provided by Capital IQ
 EV/EBITDA Price/Book Value Capex/UFCF Capex/LFCF
FY 14A FY 13A FY 14A FY 13A FY 14A FY 13A FY 14A FY 13A
2.3x 2.3x 0.5x 0.4x 0.8x 1.1x 0.7x 1.1x
1.7x 1.9x 0.5x 0.5x 2.1x 3.7x 2.4x 4.4x
2.0x 3.8x 0.5x 0.4x 4.7x 3.5x 4.5x 3.7x
NM 3.7x 0.9x 1.1x 1.7x 1.4x 1.6x 1.5x
5.4x 4.5x 1.4x 0.8x 0.4x 0.7x 0.5x 0.7x

2.9x 3.2x 0.8x 0.6x 1.9x 2.1x 1.9x 2.3x

2.2x 3.7x 0.5x 0.5x 1.7x 1.4x 1.6x 1.5x

1.7x 1.9x 0.5x 0.4x 0.4x 0.7x 0.5x 0.7x

5.4x 4.5x 1.4x 1.1x 4.7x 3.7x 4.5x 4.4x

### 2.0x 3.8x 0.5x 0.4x 4.7x 3.5x 4.5x 3.7x

Comparables
($ in Millions)

EV/Revenue
Company name Price Market value Enterprise Value Equity Value FY 16E FY 17E
PIKACHU

Mean
Median

Low
High

XXX company

Sources: Company information; I/B/E/S consensus estimates; CS IB analysis

(1) Assumes 40.0 million basic shares outstanding as of 31 December 2005
(2) Assumes there are no exercisable options outstanding
(3)
(4)
 EV/EBITDA Equity/net income
FY 16E FY 17E FY 16E FY 17E
Contribution Analysis - Company name
($ in Millions)

Acquirer Target % Contribution Implied % of NewCo Equity

A T Combined(1) A T A T

Sales
LTM 6,500 4,500 11,000 59% 41%
FY 2016A
FY 2017E

Sources: Company information; I/B/E/S consensus estimates; CS IB analysis

(1) Assumes 40.0 million basic shares outstanding as of 31 December 2005
(2) Assumes there are no exercisable options outstanding
(3)
(4)
 Implied
Exchange ratio