Reading a business through its numbers: the three statements, cash and value

Should a fund pay PLN 600 million for a packaging maker?

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The prompt

A private equity fund asks whether to pay PLN 600 million for a family-owned packaging maker in Poland (fictional; the business has no debt). Last year it had EBITDA of PLN 80 million, depreciation of 20 million and capex of 25 million, and working capital rose by 5 million. Tax is 20 percent (illustrative). Invested capital is PLN 400 million. The fund's cost of capital is 9 percent. Is the price sensible?

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