1.Calculation of FCF EBIT 2. Net Operating Capital Cash Receivables Inventory Total Operating Assets Liabilites Payables Accruals Total Operating Liabilities. Operating Working Capital Change in Operating Capital Net PPE Change in Net PPE Ac 3. Calculation the value of operations Weighted Average Cost of Capital Debts Equity a.Cost of Equity Growth Price Dividen paid No of shares DPS Revenue b. Cost of Debt Interest paid Debts Interest rate Perpetual Growth Rate 4. Horizontal value 5. Value of operations PV of horizon value PV of FCF Value of operations 2019 837,778 0 326,738 662,808 0 989,546 2019 436,970 281,308 718278 271268 5,699,567 0.95 9.27% 3.25% 2019 147368 4,354,247 3.38% Previous 2020 412,428 743960.00 2- 3% (Recommended) 46007542 617,294 630,264 0 Normal Growth rate Industry Growth rate 6.30% 0.10% 2019 2020 4,354,247 4716946 6,933,504 6,859,273 11,287,751 11576219 1,247,558 Normal Growth rate Industry Growth rate 8.5% -3.50% 133.3 243,013 257644411 2020 290,820 404,923 695