Request #1 – Tamaro is assumed to raise debt as of January 1st, 2023 – Assumptions are detailed in tab “Inputs” under “Debt Assumptions of Tamaro” – Under new tab named “Request 1”, create debt module/schedule displaying (i) Debt Issued, (ii) Debt Repaid and (iii) Financial Interests paid/incurred over the 2023E-2028E period Request #2 – Under new tab named “Request 2”, create the following financial statements of Tamaro for the 2023E-2028E period: (i) Income Statement, (ii) Cash Flow Statement and (iii) Balance Sheet – Business plans assumptions are detailed in tab “Inputs” under “Business Plan of Tamaro” – Forecasted financial statements must take into account debt raised by of January 1st, 2023 Request #3 – Under new tab named “Request 3”, run a sensitivity analysis for Tamaro – Run the sensitivity analysis on cash balance using -10%,-5%,0%,5% and 10% impact on Underlying Sales growth and SG&A costs from 2022A to 2028E – If you have working knowledge of Visual Basic, please use that to derive the sensitivity output, else you can use excel tools/formulas
Numbers Sheet Name
Numbers Table Name
Cover
Table 1
Requests
Table 1
Inputs
Table 1
Excel Worksheet Name
Cover
Requests
Inputs
Case Study – Cover
[Candidate Name]
[Date]
Legend
Input
Calculation
3
4
Case Study – Requests
A
Background
x The case is about Tamaro, a fictional Buy-Now-Pay-Later (BNPL) company operating in the Middle East
x The case treats financial aspects of Tamaro and is designed to examine candidates’ understanding of basic corporate finance matters
x All assumptions needed to complete the 4 requests should be already mentioned in this case. Please make sure you highlight any other assumptions you might take
x No external research is needed to complete the case
B
Requests
x Request #1
– Tamaro is assumed to raise debt as of January 1st, 2023
– Assumptions are detailed in tab “Inputs” under “Debt Assumptions of Tamaro”
– Under new tab named “Request 1”, create debt module/schedule displaying (i) Debt Issued, (ii) Debt Repaid and (iii) Financial Interests paid/incurred over the 2023E-2028E period
x Request #2
– Under new tab named “Request 2”, create the following financial statements of Tamaro for the 2023E-2028E period: (i) Income Statement, (ii) Cash Flow Statement and (iii) Balance Sheet
– Business plans assumptions are detailed in tab “Inputs” under “Business Plan of Tamaro”
– Forecasted financial statements must take into account debt raised by of January 1st, 2023
x Request #3
– Under new tab named “Request 3”, run a sensitivity analysis for Tamaro
– Run the sensitivity analysis on cash balance using -10%,-5%,0%,5% and 10% impact on Underlying Sales growth and SG&A costs from 2022A to 2028E
– If you have working knowledge of Visual Basic, please use that to derive the sensitivity output, else you can use excel tools/formulas
5
Case Study – Inputs
A
Historical Financial Statements of Tamaro
x Income Statement
In USDm
2021.A
2022.A
Underlying Sales
Revenues
Cost of Sale
Gross Margin
SG&A
Other Operating Expenses
EBITDA
D&A
EBIT
Financial Expenses
Tax Expenses
Net Income
2,500
100
(20)
80
(15)
(20)
45
(5)
40
0
(4)
36
3,000
120
(25)
95
(16)
(22)
57
(5)
52
0
(5)
47
2021.A
2022.A
45
(4)
(20)
21
(15)
6
0
0
0
6
57
(5)
(25)
27
(20)
7
0
0
0
7
In USDm
2021.A
2022.A
PP&E
Goodwill
Working Capital
Cash & Cash Equivalents
Total Assets
Equity
Provisions
Financial Debt
Total Equity & Liabilities
120
20
1,970
20
2,130
2,070
60
0
2,130
135
20
1,995
27
2,177
2,117
60
0
2,177
2023.E
2024.E
2025.E
2026.E
2027.E
2028.E
3,250
130
(25)
105
(16)
(20)
69
(6)
63
3,413
137
(26)
110
(17)
(21)
72
(6)
66
3,583
143
(28)
116
(18)
(22)
76
(7)
69
3,762
150
(29)
122
(19)
(23)
80
(7)
73
3,950
158
(30)
128
(19)
(24)
84
(7)
77
4,148
166
(32)
134
(20)
(26)
88
(8)
80
2,000
(5)
2,015
(7)
2,127
(7)
2,141
(6)
2,150
(5)
2,150
(6)
x Cash Flow Statement
In USDm
EBITDA
Tax Expenses
Change in Working Capital
Operating Cash Flow
Capex
Free Cash Flow
Financial Expenses
Debt Repayment
Financial Cash Flow
Change in Cash
x Balance Sheet
B
Business Plan of Tamaro
In USDm
x Income Statement Items
Underlying Sales
Revenues
Cost of Sale
Gross Margin
SG&A
Other Operating Expenses
EBITDA
D&A
EBIT
x Cash Flow Statement Items
Working Capital
Capex
C
Debt Assumptions for Tamaro
Amount (in USDm)
Tranches
Tranche 1 (in USDm)
Tranche 2 (in USDm)
Cost of Debt (%)
Tenor (years)
Tax Rate (%)
E
F
50
30 Term loan (linear amortization)
20 Payment-In-Kind (PIK) (capitalized interests and paid in bullet on maturity)
5.0% for both tranches
5 for both tranches
9.0%
DCF Assumptions for Tamaro
Unlevered Beta
D/(D+E)
30-Year Government Bond
Equity Risk Premium
Country Risk Premium
0.8
30.0%
3.0%
7.0%
2.0%
Perpetual Growth Rate
3.0%
LBO Assumptions for Tamaro
EV / LTM EBITDA at Entry and at Exit
D/E @ Entry
5.0x
60 : 40
6
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