Calculate Equity Value: Sales EBITDA Unlevered Free Cash Flow Historical Fiscal Year 20x4 20x5 $5,468.0 $5,623.0 1,081.0 1,157.0 $474.0 $614.0 Projected Fiscal Year 20x6 20x7 20x8 $5,819.8 $6,023.5 $6,234.3 1,292.0 1,349.3 1,409.0 $675.0 $704.0 $738.0 Total debt $53.4 Total cash $65.6 Weighted Average Cost of Capital Terminal Growth of Unlevered FCF NPV of Unlevered Free Cash Flow Terminal Value PV of Terminal Value Enterprise Value Equity Value 9.00% 2.00% ??? ??? ??? ??? ??? $12,775.4 $12,523.2 $10,097.7 $10,032.1 Not listed