1) Valuation (24 points]: You have intelligently estimated the projected period's free cash flows below. You estimate that the perpetual growth rate is 4.40% and the WACC is 10.10%. The company's tax rate is 22%. The beginning of 2021's (the end of 2020's) Net PP&E = 15,002, and NOWC = 11,097. Further, for the projected period, you are using the mid-year convention for discounting. a. What is the present value of the terminal value using the growth method? b. What is the implied terminal EBITDA multiple? $thousands 2021 2022 2023 2024 EBIT(1-t) 6,666 9,564 11,993 13,773 + Depr 1,181 1,607 2,034 2,401 - Capex (6,685) (7,263) (7,081) (4,810) - Chg NOWC (4,931) (4,783) (3,055) (1,853) FCF (3,769) (875)' 3,891 9,512 1) Valuation (24 points]: You have intelligently estimated the projected period's free cash flows below. You estimate that the perpetual growth rate is 4.40% and the WACC is 10.10%. The company's tax rate is 22%. The beginning of 2021's (the end of 2020's) Net PP&E = 15,002, and NOWC = 11,097. Further, for the projected period, you are using the mid-year convention for discounting. a. What is the present value of the terminal value using the growth method? b. What is the implied terminal EBITDA multiple? $thousands 2021 2022 2023 2024 EBIT(1-t) 6,666 9,564 11,993 13,773 + Depr 1,181 1,607 2,034 2,401 - Capex (6,685) (7,263) (7,081) (4,810) - Chg NOWC (4,931) (4,783) (3,055) (1,853) FCF (3,769) (875)' 3,891 9,512