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Base year 1 6.00% 106.00 Expected growth EBIT (1-t) - Reinvestment FCFF 100.00 40.00 60.00 2 3 6.00% 6.00% 112.36 119.101 44.94 47.64 67.42 71.46

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Base year 1 6.00% 106.00 Expected growth EBIT (1-t) - Reinvestment FCFF 100.00 40.00 60.00 2 3 6.00% 6.00% 112.36 119.101 44.94 47.64 67.42 71.46 (in million rupiahs) 42.40 63.60 Assuming that the company's return on capital will stay unchanged forever and that the cost of capital is 8%, estimate the terminal value for the firm, i.e., the value at the end of year 3, if the growth rate beyond year 3 is 3% in perpetuity

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