Profit before tax |
£323,666,667 |
+ Add interest expenses |
£377,000,000 |
+ Add current depreciation & non-cash expenses |
£422,000,000 |
Adjusted profit before tax |
£1,122,666,667 |
Total market value of tangible assets |
£4,289,000,000 |
+ Add required working capital |
£-158,200,000 |
Total amount to be financed |
£4,130,800,000 |
Annual cost of financing |
£413,080,000 |
Excess earnings (£1,122,666,667 - £413,080,000) |
£709,586,667 |
Intangible business value (£709,586,667 / 10%) |
£7,095,866,667 |
+ Add market value of tangible assets |
£4,289,000,000 |
+ Add transferable current assets to buyer |
£13,944,000,000 |
- Less liabilities assumed by buyer |
£23,247,000,000 |
Business intrinsic value |
£2,081,866,667 |
Business intrinsic value per share |
£1.94 |