Answer Happy

You have the following financial information about
Huhtamäki.
Income statement:
Market cap and balance sheet:
a) Assume that Huhtamäki raises EUR 500 million of new debt,
uses a part of the money raised to pay a dividend of EUR 200m to
its shareholders and keeps the remaining EUR 300m on a bank account
that pays no interest. The (pre-tax) interest rate on the new debt
is 5% and the tax rate is 20%. Assume that Huhtamäki's WACC does
not change in this transaction.
Calculate pro-forma financials adjusting for this transaction
(also for the historical P&L numbers) and use those to
calculate the following pro-forma multiple (with one decimal): P/E
2022E
b) Assume the same Huhtamäki data and the same transaction as in
the previous question. Calculate pro-forma financials adjusting for
this transaction (also for the historical P&L numbers) and use
those to calculate the following pro-forma multiple (with one
decimal): EV/EBITDA 2022E
c) Assume the same Huhtamäki data and the same transaction as in
the previous question. Calculate pro-forma financials adjusting for
this transaction (also for the historical P&L numbers) and use
those to calculate the following pro-forma multiple (with one
decimal): EV/Sales 2022E