31-12-18 31-12-19 31-12-20 31-12-21 31-12-22 31-12-23 31-12-24 actuals forecast forecast forecast forecast forecast forecast 208 208 208 208 208 208 208 234 246 263 276 290 301 310 90 95 102 107 112 117 120 172 180 193 202 213 221 228 23 25 26 28 29 31 42 42 37 37 36 50 769 796 829 858 888 947 234 246 259 272 286 317 312 312 312 312 312 312 26 31 36 41 46 56 158 166 178 187 196 210 39 41 44 46 48 52 769 796 829 858 888 947 Profit & Loss Account Revenues 780 819 876 920 966 1,035 - Cost of goods sold 452 475 508 534 560 600 Gross margin 328 344 368 386 406 435 - Personnel cost 117 123 131 138 145 155 - Other operating cost 66 70 74 77 83 EBITDA 149 155 167 184 197 - Depreciation 31 33 34 37 41 EBITA 118 122 133 138 147 156 - Amortization 0 0 0 0 0 0 EBIT 118 122 133 138 147 156 -Interest 16 16 16 16 16 16 PBT 102 106 117 122 131 140 - Taxes 26 27 29 31 33 35 Net profit 76 79 88 91 98 105 What is the present value (at December 2018) of the free cash flow of 2021 for this company? Please assume a WACC of 8% and a tax rate of 25%. Please round your answer to the nearest whole number and provide your answer in USD millions without a dollar sign (e.g. 100 instead of $100). Amounts in min dollars Balance sheet Goodwill Tangible fixed assets Inventories Accounts Receivable Other operating short term assets Cash Total Equity Interest bearing debt Operating provisions Accounts Payable Other operating short term liabilities Total 174 36 30 41 918 301 312 51 204 50 918 1,005 583 422 151 99 18 16 18 34 12 80 191 39 152 0 152 136