Brand Name Generic CompanyMarket value of Equity 98160 949Debt 7178 344.7Cash 6707 26.6Enterprise Value 98631 1267.1Sales 21962 1646EBITDA 7760 186.2Capital Invested 16406 775.4

EV/Sales 4.49 0.769805589307412EV/EBITDA 12.71 6.80504833512352EV/Capital Invested 6.01 1.6341243229301

Brand Company InputValue of brand nameSales 21962 81724.529647631EBITDA 7760 45823.824919441Capital Invested 16406 71821.556358009

Brand NameNo brand nameBrand Name ValueCurrent Tax Rate = 40.00% 40.00% (in percent)Current Revenues = $21,962.00 $21,962.00 (in $)Capital Invested (Book values of d $16,406.00 $16,406.00 High Growth PeriodLength of high-growth period (n) 10 10 (Number of periods)Reinvestment Rate (as % of EBIT(1 50% 50%Return on capital (After-tax) = 20.84% 7.65%Growth rate during period (g) = 10.42% 3.83% (in percent)Cost of Equity during period = 8.00% 8.00% (in percent)After-tax Cost of Debt = 2.88% 2.88% (in percent)Debt Ratio (D / (D + E)) = 6.81% 6.81% (in percent)Stable Growth PeriodGrowth rate in steady state = 4.00% 4.00% (in percent)Return on capital in steady state = 7.65% 7.65%Reinvestment Rate in Stable growt 52.28% 52.28%Cost of Equity in steady state = 8.00% 8.00% (in percent)After-tax Cost of Debt = 2.88% 2.88% (in percent)Debt Ratio (D / (D + E)) = 6.81% 6.81% (in percent)

Value of Firm = $79,620.29 $17,053.55 $62,566.73

(Number of periods)

Cost of Capital = 7.65% 7.65%

Cost of capital = 7.6511% 7.6511%

Brand Name Generic Brand Name ValueCurrent Tax Rate = 40.00% 40.00%Current Revenues = $21,962.00 $21,962.00 Capital Invested (Book values of debt and equi $16,406.00 $16,406.00 High Growth PeriodLength of high-growth period (n) = 10 10Reinvestment Rate (as % of EBIT(1-t)) = 50% 50.00%Return on capital (After-tax) = 20.84% 9.20%Growth rate during period (g) = 10.42% 4.60%Cost of Equity during period = 8.00% 8.00%After-tax Cost of Debt = 2.88% 2.88%Debt Ratio (D / (D + E)) = 6.81% 6.81%Stable Growth PeriodGrowth rate in steady state = 4.00% 4.00%Return on capital in steady state = 7.65% 7.65%Reinvestment Rate in Stable growth = 52.28% 52.28%Cost of Equity in steady state = 8.00% 8.00%After-tax Cost of Debt = 2.88% 2.88%Debt Ratio (D / (D + E)) = 6.81% 6.81%

Value of Firm = $79,611.25 $21,854.65 $57,756.60

Brand Name Value (in percent) (in $)

(Number of periods)

(in percent)(in percent)(in percent) Cost of Capital = 7.65% 7.65%(in percent)

(in percent)

(in percent)(in percent)(in percent) Cost of capital = 7.6511% 7.6511%

Brand Name GenericBrand Name ValueCurrent Tax Rate = 40.00% 40.00% (in percent)Current Revenues = $21,962.00 ### (in $)Capital Invested (Book values of debt a $16,406.00 ###High Growth PeriodLength of high-growth period (n) = 10 10 (Number of periods)Reinvestment Rate (as % of EBIT(1-t)) 50% 50%Return on capital (After-tax) = 20.84% 11.20%Growth rate during period (g) = 10.4194% 5.60% (in percent)Cost of Equity during period = 8.00% 8.00% (in percent)After-tax Cost of Debt = 2.88% 2.88% (in percent)Debt Ratio (D / (D + E)) = 6.81% 6.81% (in percent)Stable Growth PeriodGrowth rate in steady state = 4.00% 4.00% (in percent)Return on capital in steady state = 7.65% 7.65%Reinvestment Rate in Stable growth = 52.28% 52.28%Cost of Equity in steady state = 8.00% 8.00% (in percent)After-tax Cost of Debt = 2.88% 2.88% (in percent)Debt Ratio (D / (D + E)) = 6.81% 6.81% (in percent)

Value of Firm = $79,611.25 ### $50,728.15

(Number of periods)

Cost of Capital = 7.65% 7.65%

Cost of capital = 7.6511% ###

Firm Value Multiples

Page 8

Brand Name Company Generic Brand Name Value

Current Tax Rate = 40.00% 40.00%

Current Revenues = $21,962.00 $21,962.00

High Growth Period

Length of high-growth period (n) = 10 10

Reinvestment Rate (as % of EBIT(1-t)) 50% 50%

Operating Margin (after-tax) 15.57% 5.28%

Sales/Capital (Turnover ratio) 1.34 1.34

Growth rate during period (g) = 10.42% 3.53%

Cost of Equity during period = 8.00% 8.00%

After-tax Cost of Debt = 2.88% 2.88%

Debt Ratio (D / (D + E)) = 6.81% 6.81%

Stable Growth Period

Growth rate in steady state = 4.00% 4.00%

Return on capital in steady state = 7.65% 7.65%

Reinvestment Rate in Stable growth = 52.28% 52.28%

Cost of Equity in steady state = 8.00% 8.00%

After-tax Cost of Debt = 2.88% 2.88%

Debt Ratio (D / (D + E)) = 6.81% 6.81%

Value of Firm = $79,611.25 $15,371.24 $64,240.01

Firm Value Multiples

Page 9

Brand Name Value

(in percent)

(in $)

(Number of periods)

Brand Name Generic

(in percent) Return on Capital = 20.84% 7.06%

(in percent)

(in percent) Cost of Capital = 7.65% 7.65%

(in percent)

(in percent)

(in percent)

(in percent)

(in percent) Cost of capital = 7.6511% 7.6511%