A 1 A11Y 2 Back to Index 3 Value Drivers 4 Sales Growth Operating expenses (excluding 5 depreciation) 6 NWC 7 Capital Expenditures 8 Depreciation Rate (5 years) 9 Interest Rate on LT Debt 10 Interest Rate on ST Investments 11 Tax Rate 12 WACC 13 Long Term Growth Rate 14 # shares outstansing (in 1,000) 15 16 Free Cash Flows 17 18 Sales 19 Operating Expenses 20 Depreciation 21 Earnings Before Interest And Taxes 22 Taxes 23 Net Income 24 Depreciation 25 Capital Expenditures 26 NWC 27 Change in NWC 28 Free Cash Flows 29 Terminal Value 30 B 10.00% 67.69% 95.24% 7.64% 20.00% 3.66% 0.01% 18.47% 7.88% 5.00% 674,490 2012 F G H 2014 2015 2016 2017 2018 2019 2013 65,807,500 72,388,250 79,627,075 87,589,783 96,348,761 105,983,637 116,582,001 44,544,958 48,999,454 53,899,400 59,289,340 65,218,274 71,740,101 78,914,111 2,962,000 3,967,677 5,073,922 6,290,792 4,667,348 6,139,760 6,753,736 18,300,542 19,421,119 20,653,753 22,009,651 26,463,139 28,103,776 30,914,154 3,380,958 3,587,980 3,815,705 4,066,202 4,888,968 5,192,070 5,711,277 14,919,584 15,833,138 16,838,048 17,943,449 21,574,171 22,911,706 25,202,877 2,962,000 3,967,677 5,073,922 6,290,792 4,667,348 6,139,760 6,753,736 5,028,386 5,531,225 6,084,347 6,692,782 7,362,060 8,098,266 8,908,093 62,675,800 68,943,380 75,837,718 83,421,490 91,763,639 100,940,003 111,034,003 5,697,800 6,267,580 6,894,338 7,583,772 8,342,149 9,176,364 10,094,000 7,155,398 8,002,011 8,933,285 9,957,687 10,537,310 11,776,836 12,954,520 ? D E The 2019 terminal value (J29) should be calculated as... O=J28*(1+B13)/(B14-B11) =J28*(1+B13)/B13-B12 O=J28*(1+B13)/B12-B13 =J28*(1+B13)/(B13-B12) O =(J28*(1+B13))/(B12-B13)