Equity Research Analysis Exercise

Profit and loss account (income statement)

	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6...
Turnover	_____	_____	8,316	8,500	8,513	_____
Opex	_____	_____	(5,454)	(5,465)	(5,353)	_____
EBITDA	_____	_____	2,862	3,036	3,259	_____
Depreciation	_____	_____	(1,188)	(1,259)	(1,310)	_____
Operating net profit	_____	_____	1,674	1,776	1,850	_____
Interest expense	_____	_____	(117)	(109)	(87)	_____
Pretax profit	_____	_____	1,557	1,667	1,763	_____
Tax	_____	_____	(623)	(667)	(705)	_____
Post tax profit	_____	_____	934	1,000	1,058	_____
Dividend	_____	_____	(467)	(500)	(529)	_____
Retained earnings	_____	_____	467	500	529	_____

Balance sheet

	Yr 0	Yr 1	Yr 2	Yr 3
	$	$	$	$
Fixed assets	5,000	_____	_____	6,296
Current assets	600	_____	_____	1,247
Current liabilities	(180)	_____	_____	(818)
	420	_____	_____	429
Debt	(1,080)	_____	_____	(1,091)
	4,340	_____	_____	5,635

Continues below...

	Yr 4	Yr 5	Yr 6 ...
	$	$	$
Fixed assets	6,548	6,548	_____
Current assets	1,275	1,275	_____
Current liabilities	(820)	(820)	_____
	455	455	_____
Debt	(869)	(340)	_____
	6,135	6,664	_____

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