Again assuming a discount rate of 15%, how much should Liedtke be willing to pay for Mercurys operations? That is, what is Mercurys enterprise value?

Year	2006	2007	2008	2009	2010	2011	2012
EBIT - exhibit 6		47,005.74	53,035.97	57,604.81	61,686.33	64,611.59
Effective tax rate		0.40	0.40	0.40	0.40	0.40
EBIT(1-T)		28,203.44	31,821.58	34,562.88	37,011.80	38,766.95
Depreciation - exhibit 6		9,586.58	9,780.56	10,642.74	11,406.38	11,954.34
CAPX - exhibit 6		11,983.23	12,225.70	13,303.42	14,257.98	14,942.92
NWC (exhibit 4, 7)	104,117	108,684.19	111,333.34	121,138.18	129,825.57	136,058.90
Inc. in NWC		4,566.95	2,649.14	9,804.84	8,687.39	6,233.33
FCF		21,239.85	26,727.30	22,097.36	25,472.81	29,545.04
Terminal value at g=3%, r=15%						253594.90
Discount factor
Present value of FCF		$18,469.43	$20,209.68	$14,529.37	$14,564.16	$14,689.10	$82,461.75
Present value of TV	$126,081.48
PV of Mercury	$208,543.23