Constant EBITDebt Ratio0%10%20%30%40%50%60%70%80%90%Debt07811.724815623.449623435.174431246.899239058.62446870.348854682.073662493.798470305.5232Equity78117.24870305.523262493.798454682.073646870.348839058.62431246.899223435.174415623.44967811.7248share price814.4EBIT2200220022002200220022002200220022002200Outstanding shares95.92Interest0663.9966081327.9932161991.9898242655.9864323319.983043983.9796484647.9762565311.9728645975.969472tax33.99%PBT22001536.003392872.006784208.010176-455.986432-1119.98304-1783.979648-2447.976256-3111.972864-3775.969472Total Value78117.248taxes747.78522.0875529408296.395105881670.7026588224000000Interest rate8.50%PAT1452.221013.9158390592575.6116781184137.3075171776-455.986432-1119.98304-1783.979648-2447.976256-3111.972864-3775.969472Outstanding shares95.9286.32876.73667.14457.55247.9638.36828.77619.1849.592EPS15.139908256911.74492446327.50119472112.044970767-7.9230336391-23.352440367-46.4965504587-85.0700672783-162.2171009174-393.658201834924444.44444444443.1291993856

Varying EBITDebt ratio 0%EBIT700100015002000220030003500400045005000600066407000Debt0000000000000Interest0000000000000PBT700100015002000220030003500400045005000600066407000share price814.4tax237.93339.9509.85679.8747.781019.71189.651359.61529.551699.52039.42256.9362379.3Outstanding shares95.92PAT462.07660.1990.151320.21452.221980.32310.352640.42970.453300.53960.64383.0644620.7tax33.99%Equity78117.24878117.24878117.24878117.24878117.24878117.24878117.24878117.24878117.24878117.24878117.24878117.24878117.248Total Value78117.248number of outstanding shares95.9295.9295.9295.9295.9295.9295.9295.9295.9295.9295.9295.9295.92Interest rate8.50%EPS4.81724353636.881776480410.322664720613.763552960815.139908256920.645329441224.086217681427.527105921630.967994161834.40888240241.290658882445.694995829948.1724353628ROE0.59150829280.84501184681.26751777021.69002369361.8590260632.53503554042.95754146383.38004738723.80255331064.2250592345.07007108085.61087866285.91508292774.81724353630%10%20%30%40%50%60%70%80%90%Equity finance preferred if EBIT6640664045.694995829945.695021766545.695054187345.695095871245.695151449845.695229259745.695345974645.695540499545.695929549345.6970966986700048.172435362848.447732358748.791853603549.23429520449.82421733850.650108325651.88894480753.95367227658.08312721470.471492028

WACCunlevered beta equity 0.94tax33.99%Market risk premium 3.97%RFR7.79%Debt RatioDefault spreadEquity /ValueD/EBond RateCost of debtAfter tax cost of debtbeta equityCost of equityWACC0%0.01%100%0%7.79%7.80%0.05148780.9411.521800%11.521800%10%0.02%90%11%7.79%7.81%0.051553811.008943777811.795507%11.131494%20%0.03%80%25%7.79%7.82%0.051619821.095123512.137640%10.742509%30%0.05%70%43%7.79%7.84%0.051751841.20592612.577526%10.356824%40%0.10%60%67%7.79%7.89%0.052081891.353662666713.164041%9.981700%50%0.17%50%100%7.79%7.96%0.052543961.56049413.985161%9.619779%60%0.30%40%150%7.79%8.09%0.053402091.87074115.216842%9.290862%70%1.20%30%233%7.79%8.99%0.059342992.387819333317.269643%9.334902%80%2.50%20%400%7.79%10.29%0.067924293.42197621.375245%9.708992%90%4%10%900%7.79%11.79%0.077825796.52444633.692051%10.373526%

Sheet422002200Interest0663.9966081327.9932161991.9898242655.9864323319.983043983.9796484647.9762565311.9728645975.9694722200220022002200220022002200220022002200220022002200ERROR:#DIV/0!3.31326993771.65663496881.10442331260.82831748440.66265398750.55221165630.47332427680.41415874220.36814110422200220022002200220022002200

Sheet5