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Argo Airlines, a privately held firm, is looking to buy additional gates at its home airport for $350,000. Argo has money in the bank but that money may not be spent as it is used to pay salaries, suppliers, and equipment. Argo asked its bank for a loan but the bank refused saying that Argo's interest-bearing debt to equity was too high. The bank said that Argo needed to lower that ratio below 0.5 in order to get the loan. Separately, SkyBlue Airlines has approached Argo to see if Argo will buy it. 4. The price discussed by the two CEOs is 24.5x SkyBlue's 2020 net earnings You must calculate this price and compare it with the free cash flow value of SkyBlue, which you must also calculate. The CFO wants to know if Argo is overpaying or underpaying for SkyBlue. A B D E F 1 Actual 2020 1,199 2 Income Statement 9 - S,G & A Expenses 10 = EBIT 11 - Interest Projected 2021 2022 1,239 1,281 345 357 77 77 334 77 2023 Notes 1,326 Use same percent of Net Sales as in 2018 369 Calculation (Use for Free Cash Flow valuation!) 77. Hold level 292 Calculation 61 Use implicit rate of 2018 231 Calculation 12 280 = EBT - Taxes 257 54 268 56 13 59 203 212 221 14 = Net Income 15 Balance Sheet 16 Cash 17 Notes and Acc. Rec. 18 Inventory 19 Prepaid 20 Current Assets 21 Other 22 Total Assets 230 664 715 65 238 686 739 67 245 709 763 254 732 788 72 Increase at average growth rate 69 1,674 102 1,776 1,729 102 1,831 1,786 102 1,888 1,845 102 Increase at average growth rate 1,947 23 24 Bank Loan 25 Payables 26 CPLTD 27 Other 550 33 42 34 433 34 42 35 309 35 42 36 177 Plug to make balance sheet balance 36 Increase at average growth rate 42 Leave flat 38 Increase at average growth rate 293 (1) LTD of previous year minus CPLTD of current yea 1,656 Equity of previous year plus net income of currenty 1,947 28 Current Liabilities 29 LTD 30 Equity 31 Total Liabilities & Equity 32 33 Working Capital 659 125 992 1,776 545 83 1,204 1,831 423 41 1,425 1,888 1,565 1,618 1,673 1,729 Exclude Bank Loan A B D E F G Sky Blue Acquisition 24.5 203 4,974 Price Paid 6 2022 2023 2 - Earnings Multiple 3 - 2020 actual net earnings 4 Price 5 Value based on free cash flows: 2021 7 EBIT 8 EBIAT 9 Change in Working Capital 10 Change in Other assets 11 Free Cash Flow 12 PV of Free Cash Flows 13 - Existing Debt 14 = Present Value of Sky Blue equity 15 16 (Underpay)/Overpay for SkyBlue 17 18 19 WACC 0.06975 20 Avergage growth rate 2023 3.5% TV Notes From Pro Formas - EBIT projection EBIT minus tax From Pro Formas (exclude Bank note plug!) From Pro Formas EBIAT plus changes in WC/Other assets Calculation Bank Loan + CPLT + LTD Calculated value If negative, the purchase prices is less than SkyBlue is worth Argo Airlines, a privately held firm, is looking to buy additional gates at its home airport for $350,000. Argo has money in the bank but that money may not be spent as it is used to pay salaries, suppliers, and equipment. Argo asked its bank for a loan but the bank refused saying that Argo's interest-bearing debt to equity was too high. The bank said that Argo needed to lower that ratio below 0.5 in order to get the loan. Separately, SkyBlue Airlines has approached Argo to see if Argo will buy it. 4. The price discussed by the two CEOs is 24.5x SkyBlue's 2020 net earnings You must calculate this price and compare it with the free cash flow value of SkyBlue, which you must also calculate. The CFO wants to know if Argo is overpaying or underpaying for SkyBlue. A B D E F 1 Actual 2020 1,199 2 Income Statement 9 - S,G & A Expenses 10 = EBIT 11 - Interest Projected 2021 2022 1,239 1,281 345 357 77 77 334 77 2023 Notes 1,326 Use same percent of Net Sales as in 2018 369 Calculation (Use for Free Cash Flow valuation!) 77. Hold level 292 Calculation 61 Use implicit rate of 2018 231 Calculation 12 280 = EBT - Taxes 257 54 268 56 13 59 203 212 221 14 = Net Income 15 Balance Sheet 16 Cash 17 Notes and Acc. Rec. 18 Inventory 19 Prepaid 20 Current Assets 21 Other 22 Total Assets 230 664 715 65 238 686 739 67 245 709 763 254 732 788 72 Increase at average growth rate 69 1,674 102 1,776 1,729 102 1,831 1,786 102 1,888 1,845 102 Increase at average growth rate 1,947 23 24 Bank Loan 25 Payables 26 CPLTD 27 Other 550 33 42 34 433 34 42 35 309 35 42 36 177 Plug to make balance sheet balance 36 Increase at average growth rate 42 Leave flat 38 Increase at average growth rate 293 (1) LTD of previous year minus CPLTD of current yea 1,656 Equity of previous year plus net income of currenty 1,947 28 Current Liabilities 29 LTD 30 Equity 31 Total Liabilities & Equity 32 33 Working Capital 659 125 992 1,776 545 83 1,204 1,831 423 41 1,425 1,888 1,565 1,618 1,673 1,729 Exclude Bank Loan A B D E F G Sky Blue Acquisition 24.5 203 4,974 Price Paid 6 2022 2023 2 - Earnings Multiple 3 - 2020 actual net earnings 4 Price 5 Value based on free cash flows: 2021 7 EBIT 8 EBIAT 9 Change in Working Capital 10 Change in Other assets 11 Free Cash Flow 12 PV of Free Cash Flows 13 - Existing Debt 14 = Present Value of Sky Blue equity 15 16 (Underpay)/Overpay for SkyBlue 17 18 19 WACC 0.06975 20 Avergage growth rate 2023 3.5% TV Notes From Pro Formas - EBIT projection EBIT minus tax From Pro Formas (exclude Bank note plug!) From Pro Formas EBIAT plus changes in WC/Other assets Calculation Bank Loan + CPLT + LTD Calculated value If negative, the purchase prices is less than SkyBlue is worth