Page 22 - JouleCasePPM.pdf_Neat

Target Valuation Summary SECTION 3:

Valuation Summary Equity value analysis
WACC
12.14%
9.14%
8.14%
10.14%
11.14%
• WACC is taken at 4.04% along with a Perpetual Growth Rate of 3% 406,943,157 242,086,717 225,149,895 209,640,165 195,421,343 182,371,559 Exhibits
3.00X
Joule Case Inc.
• EV/EBITDA Multiple chosen for DCF Valuation is 10.4x considering the relatively 4.00X 268,183,549 248,951,813 231,367,213 215,270,749 200,520,276
smaller size of Target market. EBITDA Mulltiple 5.00X 294,280,381 272,753,730 253,094,260 235,120,155 218,668,992
• DCF Valuation gives a wide range of results and reflects value addition after 6.00X 320,377,213 296,555,648 274,821,308 254,969,561 236,817,709
346,474,045
254,966,426
296,548,356
320,357,565
274,818,967
7.00X
acquisition only except for the case where Revenue Growth assumed is highly critical
• Intrinsic Value per share is highly sensitive to Perpetual Growth Rate and WACC as
shown in the sensitivity tables. Shares value analysis
WACC
2,034.72 8.14% 9.14% 10.14% 11.14% 12.14%
EBITDA Mulltiple 4.00X 1,340.92 1,244.76 1,156.84 1,076.35 1,002.60
Return on Equity (ROE) 3.00X 1,210.43 1,125.75 1,048.20 977.11 911.86

1,363.77
1,265.47
1,175.60
1,093.34
1,471.40
5.00X
1,374.11
6.00X
1,184.09
1,601.89
1,274.85
1,482.78
1,274.83
1,374.09
1,482.74
1,601.79
1,732.37
7.00X
IRR analysis
WACC
609% 609% 609% 10.14% 609% 609%
9%
12%
11%
8%
EBITDA Mulltiple 4.00X 609% 609% 609% 609% 609%
609%
3.00X
609%
609%
5.00X
609%
609%
609%
6.00X
609%
609%
609%
609%
609%
609%
609%
609%
609%
609%
7.00X