1 2 3 4

Revenue 230 261 281 298

Cost of Goods -115 -131 -141 -149
Sell & Dist -32 -34 -36 -38
Depn -40 -42 -42 -42
PBIT 43 54 62 69
Tax @ 30% -12.9 -16.2 -18.6 -20.7
Add Non Cash 40 42 42 42
Deduct Cap Ex -50 -52 -55 -58
FCF Entity 20.1 27.8 30.4 32.3
WACC 14% 0.877 0.769 0.675 0.592
DCF 17.6 21.4 20.5 19.1

A PV Year 1 - 4 78.7 B 78.7

PV Year 5 - P 136.6 198.9
FCF Entity 215.3 277.6
Value Debt 30.0 30.0
Value Equity 185.3 247.6
Fodder
Sales Growth 5.99%
Operating PM 32%
ke 13.68%
kd(1-T) 6.48%
WACC 12.96%

Combined Entity
Ventity Fodder 40,256.97
Ventity Pursuit 140,000.00

Ba Fodder 1.417
Ba Pursuit 0.686
Combined Ba 0.849
Be of combined 1.461

ke 13.26%
kd(1-T) 4.61%
WACC 8.94%

Synergy effect = 10,927.91

Estimated premium 9,057.82
Benefit to sh'hs 1,870.09
 0 1 2 3 4
Revenue 17,114 18,139 19,227 20,379
PBIT 32% 5,479 5,807 6,155 6,524
Tax @ 28% - 1,534 - 1,626 - 1,723 - 1,827
Deduct Invest 22% - 213 - 226 - 239 - 254
FCF Entity 3,732 3,956 4,193 4,444
WACC 12,96% 1.00 0.89 0.78 0.69 0.61
DCF 3,303.7 3,099.9 2,908.8 2,729.4

A PV Year 1 - 4 12,041.7
PV Year 5 - P 28,215.2
FCF Entity 40,257.0
Value Debt 10% 4,025.7
Value Equity 36,231.3

Revenue 16146 17,114 18,139 19,227 20,379

Growth 968 1,026 1,087 1,152
Invest 22% 212.90 225.65 239.18 253.51
 0 1 2 3 4
Revenue 51,952 54,965 58,153 61,526
PBIT 30% 15,586 16,490 17,446 18,458
Tax @ 28% - 4,364 - 4,617 - 4,885 - 5,168
Deduct Invest 22% - 513 - 542 - 574 - 607
FCF Entity 10,709 11,330 11,987 12,683
WACC 8,94% 1.000 0.918 0.843 0.774 0.710
DCF 9,830.2 9,547.5 9,272.7 9,005.8

A PV Year 1 - 4 37,656.2
PV Year 5 - P 153,528.7
FCF Entity 191,184.9

Revenue 51,952 54,965.22 ### ###

Growth 3,013 3,188 3,373
Invest 18% - 542.38 573.84 607.12