Profit before tax |
£4,466,667 |
+ Add interest expenses |
£272,000,000 |
+ Add current depreciation & non-cash expenses |
£507,000,000 |
Adjusted profit before tax |
£783,466,667 |
Total market value of tangible assets |
£5,060,000,000 |
+ Add required working capital |
£696,933,333 |
Total amount to be financed |
£5,756,933,333 |
Annual cost of financing |
£575,693,333 |
Excess earnings (£783,466,667 - £575,693,333) |
£207,773,334 |
Intangible business value (£207,773,334 / 10%) |
£2,077,733,337 |
+ Add market value of tangible assets |
£5,060,000,000 |
+ Add transferable current assets to buyer |
£23,741,000,000 |
- Less liabilities assumed by buyer |
£31,342,000,000 |
Business intrinsic value |
£-463,266,663 |
Business intrinsic value per share |
£-0.38 |