Forecast terminal value as a growing perpetuity.

Financial statement information Free cash flows to the firm Cash Other current assets Short-term debt Current portion of long-term debt Long-term debt (in long-term liabilities) Shareholders' equity EBITDA Other information End of historical period Terminal growth rate Number of shares of stock Exit EV/EBITDA multiple WACC Expected return of equity Valuation date Expected return of debt \begin{tabular}{|r|r|r|r|r|r|r|} \hline 2022A & 2023E & 2024E & 2025E & 2026E & 2027E & 2028E \\ \hline 731,521 & 532,909 & 735,421 & (180,199) & (77,989) & 768,589 & 1,329,437 \\ \hline 242,451 & 315,874 & 322,271 & 332,101 & 417,918 & 404,943 & 430,226 \\ \hline 52,255 & 63,093 & 69,022 & 68,687 & 64,663 & 65,655 & 90,306 \\ \hline 263,503 & 207,286 & 204,821 & 222,199 & 217,101 & 278,094 & 294,824 \\ \hline 72,945 & 35,351 & 20,126 & 2,795 & 20,164 & 22,945 & 23,752 \\ \hline 1,552,952 & 1,249,943 & 1,484,307 & 1,242,261 & 1,421,845 & 1,465,964 & 1,812,386 \\ \hline 204,315 & 200,807 & 215,574 & 260,802 & 281,784 & 295,389 & 356,561 \\ \hline 668,107 & 536,590 & 591,545 & 978,258 & 878,880 & 988,286 & 898,571 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Terminal value (as of end of forecast period) & \\ \hline Estimated enterprise value of the firm as of end of historical period & \\ \hline Estimated value of the firm's equity as of end of historical period & \\ \hline Estimated share price as of end of historical period & \\ \hline Estimated share price as of valuation date & \\ \hline \end{tabular} Financial statement information Free cash flows to the firm Cash Other current assets Short-term debt Current portion of long-term debt Long-term debt (in long-term liabilities) Shareholders' equity EBITDA Other information End of historical period Terminal growth rate Number of shares of stock Exit EV/EBITDA multiple WACC Expected return of equity Valuation date Expected return of debt \begin{tabular}{|r|r|r|r|r|r|r|} \hline 2022A & 2023E & 2024E & 2025E & 2026E & 2027E & 2028E \\ \hline 731,521 & 532,909 & 735,421 & (180,199) & (77,989) & 768,589 & 1,329,437 \\ \hline 242,451 & 315,874 & 322,271 & 332,101 & 417,918 & 404,943 & 430,226 \\ \hline 52,255 & 63,093 & 69,022 & 68,687 & 64,663 & 65,655 & 90,306 \\ \hline 263,503 & 207,286 & 204,821 & 222,199 & 217,101 & 278,094 & 294,824 \\ \hline 72,945 & 35,351 & 20,126 & 2,795 & 20,164 & 22,945 & 23,752 \\ \hline 1,552,952 & 1,249,943 & 1,484,307 & 1,242,261 & 1,421,845 & 1,465,964 & 1,812,386 \\ \hline 204,315 & 200,807 & 215,574 & 260,802 & 281,784 & 295,389 & 356,561 \\ \hline 668,107 & 536,590 & 591,545 & 978,258 & 878,880 & 988,286 & 898,571 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Terminal value (as of end of forecast period) & \\ \hline Estimated enterprise value of the firm as of end of historical period & \\ \hline Estimated value of the firm's equity as of end of historical period & \\ \hline Estimated share price as of end of historical period & \\ \hline Estimated share price as of valuation date & \\ \hline \end{tabular}