Pabst Pabst Brewing Company: Pabst ProForma Pro Forma Assumptions: 0% Growth in bbl sales volume 4% Growth rate of per barrel net revenue and GS & A expense $8.98 GS & A expense base = $...

Pabst
    
    Pabst Brewing Company: Pabst ProForma
            Pro Forma Assumptions:
            0%    Growth in
l sales volume
            4%    Growth rate of per ba
el net revenue and GS & A expense
            $8.98    GS & A expense base = $ XXXXXXXXXXactual);
            18.22%    Gross Margin (Gross profit to sales ratio)
            41%    Tax rate
            0%    Growth in Net Fixed Assets
            0%    Growth in Net working assets
            4.00%    Perpetuity growth rate for terminal value calculation
        Initial    Pro Forma
    Year    1984    1985    1986    1987    1988    1989    1990    1991    1992    1993    1994
    Sales (MM Bbl)    14,400
    Net revenue
l    $56.22
    Sales
    Gross profit
    GS & A
l
    GS & A expenses
    EBIT
    EBIAT
    Net fixed assets    110,197
    Change in net fixed assets
    Net workng assets    9,375
    Change in net working assets
    Free cash flow
    Discount Rate        13%    17%
    PV of FCF 85-94
    PV of Terminal Value
    Total PV
    Debt        $82,502    $82,502
    Value of Equity
    Number of shares        6,300    6,300
    Value per share
&L&"Helvetica"&12&BPabstProForma
Heileman
    
    Pabst Brewing Company: Heileman ProForma
            Pro Forma Assumptions:
            0%    Growth in
l sales volume
            4%    Growth rate of per ba
el net revenue and GS & A expense
            $8.98    GS & A expense base = $8.98, 1984 actual;
            21.00%    Gross Margin (Gross profit to sales ratio)
            41%    Tax rate
                Net fixed assets constant through 1989 then increases with sales
            1.50%    Net working assets as percent of net sales
            4.00%    Perpetuity growth rate for terminal value calculation
        Initial    Pro Forma
    Year    1984    1985    1986    1987    1988    1989    1990    1991    1992    1993    1994
    Sales (MM Bbl)    14,400
    Net revenue
l    $56.22
    Sales
    Gross profit
    GS & A
l
    GS & A expenses
    EBIT
    EBIAT
    Net fixed assets    110,197
    Change in net fixed assets
    Net working assets    9,375
    Change in net working assets
    Free cash flow
    Discount Rate        13%    17%
    PV of FCF 85-94
    PV of Terminal Value
    Total PV
    Debt        $82,502    $82,502
    Value of Equity
    Number of shares        6,300    6,300
    Value per share
&L&"Helvetica"&12&BPabstProForma
S&P
    
    Pabst Brewing Company: S&P ProForma
            Pro Forma Assumptions:
            -11%    Growth in
l sales volume
            4%    Growth rate of per ba
el net revenue and GS & A expense
            $5.21    GS & A expense base = $ XXXXXXXXXXactual minus $3.77 in saved advertising);
            18.22%    Gross Margin (Gross profit to sales ratio)
            41%    Tax rate
            15%    Net fixed assets as percent of net sales
            1.50%    Net working assets as percent of net sales
            -9.25%    Perpetuity growth rate for terminal value calculation
        Initial    Pro Forma
    Year    1984    1985    1986    1987    1988    1989    1990    1991    1992    1993    1994
    Sales (MM Bbl)    14,400    12,816    11,406    10,152    9,035    8,041    7,157    6,369    5,669    5,045    4,490
    Net revenue
l    $56.22
    Sales
    Gross profit
    GS & A
l
    GS & A expenses
    EBIT
    EBIAT
    Net fixed assets    110,197
    Change in net fixed assets
    Net working assets    9,375
    Change in net working assets
    Free cash flow
    Discount Rate        13%    17%
    PV of FCF 85-94
    PV of Terminal Value
    Total PV
    Debt        $82,502    $82,502
    Value of Equity
    Number of shares        6,300    6,300
    Value per share
&L&"Helvetica"&12&BPabstProForma