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1
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Polaroid

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2
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Pretax interest coverage (x) 1.71209213 BB
EBITDA Interest coverage (x) 4.39923225 BB
Free operating cash flow/total debt () 16.64 BBB
Long-term debt/capital () 42.33 A
Total debt/capitalization incl. short-term debt () 50.29 BBB
???????? ???????, ???????????? SP   BBB
SP BBB
Pretax interest coverage (x) 3,94
EBITDA Interest coverage (x) 6
Funds from operations/total debt () 33,30
Free operating cash flow/total debt () 7,20
Pretax return on permanent capital () 13,90
Operating income/sales () 0,135
Long-term debt/capital () 0,427
Total debt/capitalization incl. short-term debt () 0,478
3
?????? EBIT_EPS
Stock price, 15.76
Interest d, mln 82.71
Interest e, mln 52.10
n d, mln 45.533
n e, mln 72.655
EBIT, mln 134.10
EBIT (current), mln 89,2
4
WACC ?????? ????????
5
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EBITcur 89,20
st. dev 66,50
DP 52,10
Tstat 0,01
6
APV
??????? D/(DE) ?????. ????????? ??????? ??????????? ??????? ????????? ???????? ??????????? Value (L)
AAA 0 0 0,28 0,324 462,152
AAA 10 31,867 0,28 0,324 494,019
AAA 20 71,700 1,41 1,630 532,545
AA 30 122,914 50,00 57,809 527,580
BBB 40 191,200 65,00 75,152 578,523
BB 50 286,800 80,00 92,495 656,781
B 60 430,200 80,00 92,495 800,181
? 70 669,200 80,00 92,495 1039,181
?- 80 661,818 80,00 92,495 1031,799
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APV
8
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EBIT-EPS ??????? ??????????????? ???. ???????? ?????, ? ????? ?????????? ? ????????? ??????????????
WACC ?????? ???????? ???????? ????? ???????? ??????????? ????????? ????????, ????????????? ???? ?????????? ??????????????? ??????, ? ? ????????? ??????? ???????????? ?????? ????????? ????????
?????? ??????? ?? ???????? ????????????? ?????? ???????????? ?????????? ????. ????? ???????? ??? ?? ???????????? ??????, ???? ????????????? 50? ??????????? ???????????. ? ????? ?? ???????? ??????? ??????????????? ???????? ?????.
APV ?????????? ?????????? ???? ?? 70.
9
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