Calculate the 2016 Time Warner FCF using Exhibit 8. Build a 5-year FCF model (so 2017 2021), assuming Franks projections of 7% FCF annual growth rate.

EXHIBIT 8: DISCOUNTED CASH FLOW MODEL INPUTS FOR TIME WARNER Notes: WACC= weighted average cost of capital; EBIT = eamings before interest and taxes. Source: Created by the case authors. EXHIBIT 8: DISCOUNTED CASH FLOW MODEL INPUTS FOR TIME WARNER Notes: WACC= weighted average cost of capital; EBIT = eamings before interest and taxes. Source: Created by the case authors