2.5 Estimate yearly free cash flow for Facebook for the 31/12/2012 31/12/2019 period. Estimate yearly growth rate of free cash flow and the average of the growth rates of free cash flow for the entire period. Comment on your estimate. Guideline: Using data in Picture 2.6 Assuming that in the future, free cash flow of Facebook will grow at the average growth rate estimated in 2.5 and Facebook will maintain its debt to equity ratio and cost of capital estimated in 2.4 for 31/12/2019, estimate the firm value for Facebook at 31/12/2019. Comment on your estimate.

94025 HENLO PARK (UNIT Able que company BVD ID number Global detailed format anasidad and data 10 12 31/12/2003 31/12/2004 31/12/2019 31/12/2015 UUSEUSE qual ung Ungu Ungual 12 month inque Unge 10 Une 10- Urque IN Ungu 10 Unqua PROSPECTUS. PELLE Unqual PROSPECTUS POFLIM 10 3445 21,65 11,20 Total Current Assets Raw Westerik na Inventory Propement and other mv. Mily. .. Essait lecsis eitlik a. SIN sun 42 . n. na na I've Assets Les praty. Pre & Equinos Total Land Deprecation Net Ststed lant PPOB POPP: 21, 2 SE RE EN 0 e P NDA DOO NA 894 M na. Fore Long Term Recetables Long Term Associated Companies Other Long Term Assets Total Assets Consoldated data 2,75 133,976 97,334 84,524 49,403 39,056 2,990 31/12/2013 Zoro son 31/12/Sons 31/12/2017 MUSD Uncual www.Com USD Uncual 31/12/2015 US ) as won w erbun lenbun We se Cons m USD 21/12/2014 m USD Urquel w Som mus Unou Sons m USD Urgus enbun ON Urque "SK PORC or Llabilities Total Current Liabilities 2,878 ST Loans Brief LTD Other Current Lalkies Nor Durr Debt Bank Loans Weet Other Long Term Interest Bearing Dot Pansion Fund Now betere Taxes Deferred Revenue terest Bearing Di Mrority interest Total Liabilities and Debt 3232 . AR Share Castellers Four Common Steck/Shar Pederred Shares Redeemable Preferred recums Revaluation Reserve Other Sharchcklers Reserve 20 BRE Tatal bills and Equity 84,524 64,961 30. 17,895 Enterprise Valur Number of employce Condad date BBC 44,942 35,587 25,20 4,619 2,12 31/12/2019 USD Ungus 1/12/2016 mus Uncual 10-K Unique Ungu. Income statement Total revenues Mustments cycles tax N 27 Cost of Goods Sold alle ore NO in inh M Totalepreciation, Amort. De Amortation Depletion Operating Incore after De Earnings Bctore Interest & Tax Francol Boende Financial PL per/linancial Int'EXP Farning before tax Enclou ath KIN NR -N . other items after t -2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. -2,273 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Other Extraordinary items after tax Preferred dividends Net Profit n.a. n.a. n.a. n.a. n.a. 18,485 n.a. 22,112 n.a. 10,217 n.a. 3,688 n.a. 2,940 n.a. 1,000 n.a. 229 n.a. -56 n.a. -138 15,934 1,500 53 606 0 0 0 0 0 0 0 0 0 0 0 0 0 Ordinary dividends Dividend share capital other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 94025 HENLO PARK (UNIT Able que company BVD ID number Global detailed format anasidad and data 10 12 31/12/2003 31/12/2004 31/12/2019 31/12/2015 UUSEUSE qual ung Ungu Ungual 12 month inque Unge 10 Une 10- Urque IN Ungu 10 Unqua PROSPECTUS. PELLE Unqual PROSPECTUS POFLIM 10 3445 21,65 11,20 Total Current Assets Raw Westerik na Inventory Propement and other mv. Mily. .. Essait lecsis eitlik a. SIN sun 42 . n. na na I've Assets Les praty. Pre & Equinos Total Land Deprecation Net Ststed lant PPOB POPP: 21, 2 SE RE EN 0 e P NDA DOO NA 894 M na. Fore Long Term Recetables Long Term Associated Companies Other Long Term Assets Total Assets Consoldated data 2,75 133,976 97,334 84,524 49,403 39,056 2,990 31/12/2013 Zoro son 31/12/Sons 31/12/2017 MUSD Uncual www.Com USD Uncual 31/12/2015 US ) as won w erbun lenbun We se Cons m USD 21/12/2014 m USD Urquel w Som mus Unou Sons m USD Urgus enbun ON Urque "SK PORC or Llabilities Total Current Liabilities 2,878 ST Loans Brief LTD Other Current Lalkies Nor Durr Debt Bank Loans Weet Other Long Term Interest Bearing Dot Pansion Fund Now betere Taxes Deferred Revenue terest Bearing Di Mrority interest Total Liabilities and Debt 3232 . AR Share Castellers Four Common Steck/Shar Pederred Shares Redeemable Preferred recums Revaluation Reserve Other Sharchcklers Reserve 20 BRE Tatal bills and Equity 84,524 64,961 30. 17,895 Enterprise Valur Number of employce Condad date BBC 44,942 35,587 25,20 4,619 2,12 31/12/2019 USD Ungus 1/12/2016 mus Uncual 10-K Unique Ungu. Income statement Total revenues Mustments cycles tax N 27 Cost of Goods Sold alle ore NO in inh M Totalepreciation, Amort. De Amortation Depletion Operating Incore after De Earnings Bctore Interest & Tax Francol Boende Financial PL per/linancial Int'EXP Farning before tax Enclou ath KIN NR -N . other items after t -2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. -2,273 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Other Extraordinary items after tax Preferred dividends Net Profit n.a. n.a. n.a. n.a. n.a. 18,485 n.a. 22,112 n.a. 10,217 n.a. 3,688 n.a. 2,940 n.a. 1,000 n.a. 229 n.a. -56 n.a. -138 15,934 1,500 53 606 0 0 0 0 0 0 0 0 0 0 0 0 0 Ordinary dividends Dividend share capital other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a