Profit before tax |
£1,436,266,667 |
+ Add interest expenses |
£376,000,000 |
+ Add current depreciation & non-cash expenses |
£521,000,000 |
Adjusted profit before tax |
£2,333,266,667 |
Total market value of tangible assets |
£6,066,000,000 |
+ Add required working capital |
£2,002,400,000 |
Total amount to be financed |
£8,068,400,000 |
Annual cost of financing |
£806,840,000 |
Excess earnings (£2,333,266,667 - £806,840,000) |
£1,526,426,667 |
Intangible business value (£1,526,426,667 / 10%) |
£15,264,266,667 |
+ Add market value of tangible assets |
£6,066,000,000 |
+ Add transferable current assets to buyer |
£15,092,000,000 |
- Less liabilities assumed by buyer |
£23,257,000,000 |
Business intrinsic value |
£13,165,266,667 |
Business intrinsic value per share |
£10.47 |