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EBIT*(1-tc) Depreciation Capital Expenditure Increase in NWC FCF Enterprise value (year 5) PV of FCF and Enterprise value Enterprise value (year 0) Cash Debt PO

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EBIT*(1-tc) Depreciation Capital Expenditure Increase in NWC FCF Enterprise value (year 5) PV of FCF and Enterprise value Enterprise value (year 0) Cash Debt PO

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