| 1˚ year | 2˚ year | 3˚ year | 4˚ year | 5˚ year | 6˚ year | 7˚ year | 8˚ year | 9˚ year |
Net Income | 112 | 115 | 119 | 122 | 126 | 130 | 134 | 138 | 142 |
(+) Depreciation | 9 | 9 | 10 | 10 | 10 | 10 | 11 | 11 | 11 |
(−) Net Increase in Loans | 105 | 108 | 111 | 115 | 118 | 122 | 125 | 129 | 133 |
(−) Net Increase in Securities and Investments | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 20 |
(−) Net Increase in Amounts due from Banks | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 22 |
(−) Net Capital Expenditure | 14 | 15 | 15 | 16 | 16 | 17 | 17 | 18 | 18 |
(+) Net Increase in Deposits | 95 | 97 | 100 | 103 | 106 | 110 | 113 | 116 | 120 |
(+) Net Increase in Interbank Funds | 35 | 28 | 29 | 29 | 29 | 30 | 30 | 30 | 49 |
Equity Cash Flow | 109 | 106 | 109 | 112 | 115 | 119 | 122 | 126 | 129 |
Robustness check for the calculation of FCFE (second method, Koller Goedhart and Wessels, 2005 [1] ) | |||||||||
(+) Dividends and Potential divIdends | 109 | 106 | 109 | 112 | 115 | 119 | 122 | 126 | 129 |
(−) Share Capital Issue (Repurchase) | - | - | - | - | - | - | - | - | - |
Equity Cash Flow (ECF) | 109 | 106 | 109 | 112 | 115 | 119 | 122 | 126 | 129 |
Present Value of ECF | 99* (0.909)** | 87 (0.826) | 82 (0.751) | 77 (0.683) | 72 (0.621) | 67 (0.565) | 63 (0.513) | 59 (0.466) |
|
Terminal Value | - | - | - | - | - | - | - | - | 1420*** |
Present value of Terminal Value | - | - | - | - | - | - | - | - | 662**** (0.424)** |
EQUITY VALUE: Present Value of ECF + Present Value of terminal value = 605 + 662 = 1267 |