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    Projected FS For Boarding House

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    Glem Maquiling Josol
    This document projects the financial statements for a boarding house over a 10 year period. It includes projected income statements, cash flow statements, and a discounted cash flow analysis. The income statement projects revenues from rentals and expenses each year. The cash flow statement shows cash inflows from operations and cash outflows for expenses and taxes. It calculates the net cash increase each year. The discounted cash flow analysis discounts the annual cash flows to a net present value using a 6% discount rate over 10 periods.

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    © All Rights Reserved
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    Projected FS For Boarding House

    Uploaded by

    Glem Maquiling Josol
    497 views14 pages
    This document projects the financial statements for a boarding house over a 10 year period. It includes projected income statements, cash flow statements, and a discounted cash flow analysis. The income statement projects revenues from rentals and expenses each year. The cash flow statement shows cash inflows from operations and cash outflows for expenses and taxes. It calculates the net cash increase each year. The discounted cash flow analysis discounts the annual cash flows to a net present value using a 6% discount rate over 10 periods.

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    Projected FS for Boarding House

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    This document projects the financial statements for a boarding house over a 10 year period. It includes projected income statements, cash flow statements, and a discounted cash flow analysis. The income statement projects revenues from rentals and expenses each year. The cash flow statement shows cash inflows from operations and cash outflows for expenses and taxes. It calculates the net cash increase each year. The discounted cash flow analysis discounts the annual cash flows to a net present value using a 6% discount rate over 10 periods.

    Copyright:

    © All Rights Reserved
    Download as ODS, PDF, TXT or read online from Scribd
    Download as ods, pdf, or txt
    497 views14 pages

    Projected FS For Boarding House

    Uploaded by

    Glem Maquiling Josol
    This document projects the financial statements for a boarding house over a 10 year period. It includes projected income statements, cash flow statements, and a discounted cash flow analysis. The income statement projects revenues from rentals and expenses each year. The cash flow statement shows cash inflows from operations and cash outflows for expenses and taxes. It calculates the net cash increase each year. The discounted cash flow analysis discounts the annual cash flows to a net present value using a 6% discount rate over 10 periods.

    Copyright:

    © All Rights Reserved
    Download as ODS, PDF, TXT or read online from Scribd
    Download as ods, pdf, or txt
    of 14

    Projected FS

    YEAR 1 YEAR 2

    Rental Revenue 1,248,000.00

    Less: Expenses
    Salaries and Wages 120,000.00 120,000.00
    Maintenance Expense 60,000.00 60,000.00
    Utilities Expense 24,000.00 24,000.00
    Fire Insurance Expense 24,000.00 24,000.00
    Real Property Tax 110,000.00 110,000.00
    Renovation Expense 500,000.00 0.00
    Business Permit Expense 6,840.00 6,840.00
    Total Expenses 844,840.00
    Net Income before income tax 403,160.00
    Less: Income Tax 79,840.00
    Net Income after tax 323,320.00

    Other option using schedular income tax

    Net Income before income tax 403,160.00


    Less:
    Income Tax 30,790.00
    Percentage Tax 37,440.00
    Net Income after tax 334,930.00

    Page 1
    Projected FS

    Page 2
    Projected FS

    Obrero Boarding House


    Projected Income Statement

    YEAR 2 YEAR 3 YEAR 4 YEAR 5

    1,248,000.00 1,248,000.00 1,248,000.00 1,248,000.00

    120,000.00 150,000.00 150,000.00


    60,000.00 70,000.00 70,000.00
    24,000.00 30,000.00 30,000.00
    24,000.00 30,000.00 30,000.00
    110,000.00 120,000.00 120,000.00
    0.00 0.00 0.00
    6,840.00 6,840.00 6,840.00
    344,840.00 344,840.00 406,840.00 406,840.00
    903,160.00 903,160.00 841,160.00 841,160.00
    79,840.00 79,840.00 79,840.00 79,840.00
    823,320.00 823,320.00 761,320.00 761,320.00

    903,160.00 903,160.00 841,160.00

    160,948.00 160,948.00 160,948.00


    37,440.00 37,440.00 37,440.00
    704,772.00 704,772.00 642,772.00

    Page 3
    Projected FS

    Page 4
    Projected FS

    me Statement

    YEAR 6 YEAR 7 YEAR 8 YEAR 9

    1,248,000.00 1,248,000.00 1,248,000.00

    150,000.00 150,000.00 150,000.00 150,000.00


    70,000.00 70,000.00 70,000.00 70,000.00
    30,000.00 30,000.00 30,000.00 30,000.00
    30,000.00 30,000.00 30,000.00 30,000.00
    120,000.00 120,000.00 120,000.00 120,000.00
    500,000.00 0.00 0.00 0.00
    6,840.00 6,840.00 6,840.00 6,840.00
    906,840.00 406,840.00 406,840.00
    341,160.00 841,160.00 841,160.00
    79,840.00 79,840.00 79,840.00
    261,320.00 761,320.00 761,320.00

    Page 5
    Projected FS

    Page 6
    Projected FS

    YEAR 9 YEAR 10

    1,248,000.00 1,248,000.00

    150,000.00
    70,000.00
    30,000.00
    30,000.00
    120,000.00
    0.00
    6,840.00
    406,840.00 406,840.00
    841,160.00 841,160.00
    79,840.00 79,840.00
    761,320.00 761,320.00

    Page 7
    Cash Flow

    Obrero Boarding House


    Statement of Cash Flow

    Year 1 Year 2
    CASH FLOW FROM OPERATING ACTIVITIES
    Cash received from customers 1,248,000.00 1,248,000.00
    Cash paid for Salaries and Expenses 120,000.00 120,000.00
    Cash paid for Maintenance Expense 60,000.00 60,000.00
    Cash paid for Utilities Expense 24,000.00 24,000.00
    Cash paid for Fire Insurance 24,000.00 24,000.00
    Cash paid for Real Property Tax 110,000.00 110,000.00
    Cash paid for Renovation Expenses 500,000.00 0.00
    Cash Paid for business permit 6,840.00 6,840.00
    Cash paid for income tax 79,840.00 79,840.00
    NET CASH PROVIDED BY OPERATING ACTIVITIES 323,320.00 823,320.00

    CASH FLOW FROM INVESTING ACTIVITIES


    Purchase of Land and Building 0.00 0.00
    NET CASH USED IN INVESTING ACTIVITIES 0.00 0.00

    CASH FLOW FROM FINANCING ACTIVITIES


    Proceeds from line of credit 0.00 0.00
    Payments on long-term debt 0.00 0.00
    NET CASH PROVIDED IN FINANCING ACTIVITIES 0.00 0.00
    NET INCREASE (DECREASE) IN CASH 323,320.00 823,320.00

    Beginning Cash Balance 0.00 0.00


    Ending Cash Balance 323,320.00 823,320.00

    Page 8
    Cash Flow

    Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

    1,248,000.00 1,248,000.00 1,248,000.00 1,248,000.00 1,248,000.00 1,248,000.00 1,248,000.00


    120,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00 150,000.00
    60,000.00 70,000.00 70,000.00 70,000.00 70,000.00 70,000.00 70,000.00
    24,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00
    24,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00
    110,000.00 120,000.00 120,000.00 120,000.00 120,000.00 120,000.00 120,000.00
    0.00 0.00 0.00 500,000.00 0.00 0.00 0.00
    6,840.00 6,840.00 6,840.00 6,840.00 6,840.00 6,840.00 6,840.00
    79,840.00 79,840.00 79,840.00 79,840.00 79,840.00 79,840.00 79,840.00
    823,320.00 761,320.00 761,320.00 261,320.00 761,320.00 761,320.00 761,320.00

    0.00 0.00 0.00 0.00 0.00 0.00 0.00


    0.00 0.00 0.00 0.00 0.00 0.00 0.00

    0.00 0.00 0.00 0.00 0.00 0.00 0.00


    0.00 0.00 0.00 0.00 0.00 0.00 0.00
    0.00 0.00 0.00 0.00 0.00 0.00 0.00
    823,320.00 761,320.00 761,320.00 261,320.00 761,320.00 761,320.00 761,320.00

    0.00 0.00 0.00 0.00 0.00 0.00 0.00


    823,320.00 761,320.00 761,320.00 261,320.00 761,320.00 761,320.00 761,320.00

    Page 9
    Cash Flow

    Year 10

    1,248,000.00
    150,000.00
    70,000.00
    30,000.00
    30,000.00
    120,000.00
    0.00
    6,840.00
    79,840.00
    761,320.00

    0.00
    0.00

    0.00
    0.00
    0.00
    761,320.00

    0.00
    761,320.00

    Page 10
    Discounted Cash flow

    t (periods) 10
    r (discount rate) 6%

    When cash flows are not the same in each period


    Period (t) 1 2 3
    Cash flows 323,320.0 823,320.0 823,320.0
    Discount rate (r) 6% 6% 6%
    Present value 305,018.9 732,751.9 691,275.3

    Sum of present values 4,944,929.8

    Apple Unlevered Free Cash Flows


    Period (t) 2017A 2018P

    EBITDA 74,467 78,190


    EBIT 67,343 70,710
    Tax rate 26% 26%

    EBIT (1-t) 49,834 52,325


    D&A 7,124 7,480
    NWC (1,032) (929)
    Capital expenditures (9,836) (10,278)
    Unlevered free cash flows (UFCF) 46,089 48,598

    Discount rate (r) 10%


    PV of UFCFs 44,180

    Stage 1: Sum of present values 203,010

    Terminal value - growth in perpetuity approach


    Long term growth rate 4%
    2022 FCF x (1+g) 62,220
    Terminal value in 2022 1,037,004
    Stage 2: PV of TV 643,898

    Enterprise value (stage 1 + 2) 846,908

    Net debt

    Data as of: 9-24-2016

    Commercial paper 8,105


    Current portion of long term debt 3,500
    Long term debt 75,427
    Gross debt 87,032

    Page 11
    Discounted Cash flow

    Cash and equivalents 20,484


    Short term marketable securities 46,671
    Long term marketable securities 170,430
    Nonoperating assets 237,585

    Net debt (150,553.0)

    Page 12
    Discounted Cash flow

    4 5 6 7 8 9 10
    761,320.0 761,320.0 261,320.0 761,320.0 761,320.0 761,320.0 761,320.0
    6% 6% 6% 6% 6% 6% 6%
    603,036.7 568,902.6 184,220.3 506,321.3 477,661.6 450,624.1 425,117.1

    2019P 2020P 2021P 2022P

    82,099 86,204 90,515 95,040


    74,245 77,957 81,855 85,948
    26% 26% 26% 26%

    54,941 57,689 60,573 63,602


    7,854 8,247 8,659 9,092
    (836) (753) (677) (610)
    (10,741) (11,224) (11,729) (12,257)
    51,219 53,959 56,826 59,827

    10% 10% 10% 10%


    42,329 40,540 38,813 37,148

    Terminal value - EBITDA multiple approach


    EBITDA multiple 9.0x
    Terminal value in 2022 855,363
    Stage 2: PV of TV 531,113

    Enterprise value (stage 1 + 2) 734,123

    Shares outstanding

    Basic shares outstanding 5,332


    Effect of dilutive securities 50
    Dilutive shares outstanding 5,382

    Equity value

    Page 13
    Discounted Cash flow

    Perpetuity EBITDA
    approach approach
    Equity value $185.32 $164.37

    Page 14

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