A FCF estimation Before repurchse After repurchase \begin{tabular}{l} EBIT \\ Less: Tax \\ Plus: Depreciation \\ Plus: Deferred Tax \\ \hline Operating Cashflow \\ Less: CAEPX (Assuming NO CAPEX) \\ Less: Change of NWC (Assuming No Change of NWC) \\ FCF \end{tabular} 63,94623,8219,91422,49572,5340072,53463,94618,6299,91422,49577,7260077,726 Weighted Average Cost of Capital (from sheet TN4) 9.17% 8.72% Value of Firm using WACC (using perpertual cash flow formula) This is unlevered firm value (Vu) Value of firm using MMI with Taxes A FCF estimation Before repurchse After repurchase \begin{tabular}{l} EBIT \\ Less: Tax \\ Plus: Depreciation \\ Plus: Deferred Tax \\ \hline Operating Cashflow \\ Less: CAEPX (Assuming NO CAPEX) \\ Less: Change of NWC (Assuming No Change of NWC) \\ FCF \end{tabular} 63,94623,8219,91422,49572,5340072,53463,94618,6299,91422,49577,7260077,726 Weighted Average Cost of Capital (from sheet TN4) 9.17% 8.72% Value of Firm using WACC (using perpertual cash flow formula) This is unlevered firm value (Vu) Value of firm using MMI with Taxes