Calculate the company's 2020 FCF using both the PAT and the EBITDA approach. Are they the same? If not, why not?

Calculate the company's free cash flow for 2021. What growth rate assumption was used? Why?

1 B C D E XYZ ENTERPRISE VALUE BALANCE SHEET Liabilities and equity 2,800 Total financial debt 3,000 Minus liquid assets -2,500 1,950 Net debt 500 1,000 Pension liabilities 800 Assets 3 Net working capital 4 5 Fixed assets 6 7 Goodwill 8 9 10 11 12 13 14 Enterprise value Preferred stock Minority interest 200 100 Equity 4,150 5,750