Equity Research Analysis Exercise

	Yr 0	Yr 1	Yr 2	Yr 3
Share capital	1,000	_____	_____	1,000
Retained reserves	3,340	_____	_____	4,635
	4,340	_____	_____	5,635

continues below...

	Yr 4	Yr 5	Yr 6...
Share capital	1,000	1,000	_____
Retained reserves	5,135	5,664	_____
	6,135	6,664	_____

Cashflow statement

	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6...
EBITDA	_____	_____	2,862	3,036	3,159	_____
Change in working capital	_____	_____	(32)	(26)	0	_____
	_____	_____	_____	_____	_____	_____
Cash from operations	_____	_____	2,830	3,009	3,159	_____
Tax charge	_____	_____	(623)	(667)	(705)	_____
	_____	_____	2,207	2,343	2,454	_____
Interest	_____	_____	(117)	(109)	(87)	_____
Dividend	_____	_____	(467)	(500)	(529)	_____
	_____	_____	1,623	1,733	1,838	_____
Maintenance Capex	_____	_____	(1,188)	(1,259)	(1,310)	_____
Discretionary Cashflow	_____	_____	435	474	529	_____
Growth Capex	_____	_____	(356)	(252)	0	_____
Change in debt	_____	_____	(79)	(222)	(529)	_____
	_____	_____	0	0	0	_____

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