1) estimate Project FCF for the next 5 years for company XERO ( Income Sheet provided in attachment)

2) Calculate Wacc For Company XERO (balance sheet not attached, wont allow me to attach) please view online)

3) calculate NPV Equity Value of the company, and calculate estimated share price

4) calculate APV Equity Value of the company, and calculate estimated share price

Note: income statement provided in attachment, not balance sheet ( WONT ALLOW ME TO ATTACH)

8%

2020 2021 2022 2023 2024) ($000s) ($000s) ($000s) ($000s) ($000s) 784,536 1,143,231 1,665,923 2,427,594 3,537,504 21,911 33,260 50,486 76,635 116,326 806,448 1,176,491 1,716,410 2,504,228 3,653,830 114,608 144,475 87,467 94,985 114,608 691,840 1,032,016 1,628,943 2,409,243 3,539,223 30 31 32 33 Subscription revenue 34 Other operating revenue 85 Total operating revenue 36 87 Cost of revenue 38 Gross profit 39 40 Sales and marketing 41 Product design and development 42 General and administration 43 Total operating expenses 44 45 Foreign exchange (losses) gains 46 asset impairments 47 other expenses 48 other income 49 operating deficit 50 finance income 51 finance expense 52 Net loss before tax 53 income tax expense 54 Net loss 55 56 320,321 182,599 84,867 587,788 413,710 534,325 690,106 891,303 241,971 320,647 424,905 563,063 109,009 140,019 179,849 231,010 764,690 994,991 1,294,860 1,685,376 1,425 -5,823 10,980 1,868 -3,908 15,004 2,449 -2,623 20,502 3,210 -1,760 28,016 4,209 -1,181 38,284 -19,398 -6,420 -23,571 -16,264 -10,285 -20,469 -13,636 -16,478 -17,776 -11,433 -26,400 -15,436 -9,585 -42,296 -13,405 2020 2021 2022 2023 2024) ($000s) ($000s) ($000s) ($000s) ($000s) 784,536 1,143,231 1,665,923 2,427,594 3,537,504 21,911 33,260 50,486 76,635 116,326 806,448 1,176,491 1,716,410 2,504,228 3,653,830 114,608 144,475 87,467 94,985 114,608 691,840 1,032,016 1,628,943 2,409,243 3,539,223 30 31 32 33 Subscription revenue 34 Other operating revenue 85 Total operating revenue 36 87 Cost of revenue 38 Gross profit 39 40 Sales and marketing 41 Product design and development 42 General and administration 43 Total operating expenses 44 45 Foreign exchange (losses) gains 46 asset impairments 47 other expenses 48 other income 49 operating deficit 50 finance income 51 finance expense 52 Net loss before tax 53 income tax expense 54 Net loss 55 56 320,321 182,599 84,867 587,788 413,710 534,325 690,106 891,303 241,971 320,647 424,905 563,063 109,009 140,019 179,849 231,010 764,690 994,991 1,294,860 1,685,376 1,425 -5,823 10,980 1,868 -3,908 15,004 2,449 -2,623 20,502 3,210 -1,760 28,016 4,209 -1,181 38,284 -19,398 -6,420 -23,571 -16,264 -10,285 -20,469 -13,636 -16,478 -17,776 -11,433 -26,400 -15,436 -9,585 -42,296 -13,405