Profit before tax |
£311,866,667 |
+ Add interest expenses |
£303,000,000 |
+ Add current depreciation & non-cash expenses |
£429,000,000 |
Adjusted profit before tax |
£1,043,866,667 |
Total market value of tangible assets |
£5,624,000,000 |
+ Add required working capital |
£223,666,667 |
Total amount to be financed |
£5,847,666,667 |
Annual cost of financing |
£584,766,667 |
Excess earnings (£1,043,866,667 - £584,766,667) |
£459,100,000 |
Intangible business value (£459,100,000 / 10%) |
£4,590,999,997 |
+ Add market value of tangible assets |
£5,624,000,000 |
+ Add transferable current assets to buyer |
£14,746,000,000 |
- Less liabilities assumed by buyer |
£25,142,000,000 |
Business intrinsic value |
£-181,000,003 |
Business intrinsic value per share |
£-0.17 |