2018 3,830 430 2019 2020 Term 3,880 457 144 153 286 EBT+ Depr = Op CF. Minus NWC = CF Ops. Minus capex = Free CF 304 198 121 195 57 57 58 85 88 2 Year 2012 2013 2014 2015 2016 2017 3 Total Revenue 2,383 2,488 2,473 2,564 3,068 3,765 4 EBIT 187 199 141 268 364 412 5 Tax Exp 65 66 47 90 122 138 6 After Tax EBIT (ie. EBT) 122 133 94 178 242 274 7 Depreciation 105 113 131 157 192 8 Operating Cash Flow 9 -Increase in NWC Investment 83 -10 18 38 46 56 10 11 Cash Flow From Operations 12 Capex 92 121 108 107 89 86 13 14 Free Cash Flows 15 Terminal Value 16 Total Free Cash Flow 17 Pv 18 Share Price 19 20 21 For terminal value calc g=6.35% Economy growing at 2%, FCF growth at about 4.35% 22 K=6.88% WACC 23 24 Your Tasks: 1 Calculate FCF 25 2 Calculate 2020 #s 26 3 Calculate Terminal Value 27 4 Calculate PV 28 5 Calculate Shr Price 29