Free Cash Flow Calculation

The calculation of the free cash flow will primarily base on Exhibit 13 provided. The assumptions for the calculation of the free cash flow are: the enlisted depreciation spending entail the amortizations; the net working capital (NWC) as well as operating assets as well as other non-interest liabilities are put under consideration; the free cash flow begins 2000 as soon as the acquisition is completed in January 2000.

While considering the defined assumptions, the formula for calculating the free cash flow is as follows:

Free cash flow = (1-tax) *EBIT + Depreciation – Capital expenditure – change in net working cost + Other non-interest liabilities

With the provided assumptions and the predicted values that are illustrated on exhibit 13, the free cash flow was calculated. The EBIT is typically the value for the EBITA since the amortization and goodwill was not subtracted from this value. This implies that in calculation of FCF, the value that was added back is that of depreciation and not the amortization value. It is worth noting that the changes that were experienced in the property plant and equipment were considered as the capital expenditure and it was also removed from the EBITA. The changes that were experienced in the operational capital were obtained from the financial statement by taking into consideration the current assets as well as the existing liabilities.

Weighted Average Cost of Capital

To calculate the weighted average cost of capital (WACC) the cost of equity is first determined through the addition of the risks free rates to the multiplied value of the beta along with the risk premium. After that, the WACC is then obtained by utilizing the formula:

WACC = (Debt’s Interests * Debt’s Shares*(1 – Applicable Taxes)) + (Equity share* Cost of equity)

Therefore, the weighted average cost of capital is 10.07%.

Terminal Value

Noteworthy, in calculating the terminal value, the previous year’s free cash flow in multiplied by the long-term growth rate and then divided by the discount rate minus the long term growth rate.

This can be illustrated as: Terminal value = (Previous year’s free cash flow*Long term growth rate)/(Discount rate – long term growth rate)

The long term growth is the security with fixed maturity date calculation for the company because there is not predicted maturity or reduction in the service line that the company operates.

From the Excel sheet, the terminal value is 2054

Enterprise Value

The calculation of the enterprise value the free cash flow is discounted to the weighted average cost of capital. The next step involves addition of the terminal value to the obtained value in step one to determine the enterprise value. It is worth noting that the obtained enterprise value is regarded as the real value of the total equity that is under acquisition.

The terminal value is 2054

Therefore, the expected value is 2054 + 870.9 = 2924.92

Acquisition for Olstens

As Adeco, I would bid \$100 Million for the Olstens acquisition. This is because, the combination of the two firms would create an increased market share of 10% in the US market. Therefore, I will be able to maximize the profit obtained. I will convince the board by explaining to them on how the company would be able to maximize any value added from the acquisition and restoration of the continued growth of the Olstens failing business.

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