Forecast terminal value from an exit multiple (for EV/EBITDA).

|Financial statement information Shareholders' equity EBITDA Long-term debt (in long-term liabilities) Other current assets Short-term debt Free cash flows to the firm Current portion of long-term debt Cash Other information Terminal growth rate Number of shares of stock End of historical period Expected return of debt WACC Expected return of equity Exit EV/EBITDA multiple Valuation date \begin{tabular}{|r|r|r|r|r|r|r|r|r|} \hline 2022A & 2023E & 2024E & 2025E & 2026E & 2027E & 2028E & 2029E \\ \hline 213,128 & 276,914 & 293,639 & 366,690 & 390,945 & 433,435 & 517,911 & 426,215 \\ \hline 865,075 & 772,650 & 834,536 & 925,536 & 1,014,881 & 1,271,782 & 984,876 & 1,116,090 \\ \hline 1,905,843 & 1,503,546 & 1,838,603 & 2,157,480 & 1,747,804 & 2,132,936 & 2,429,520 & 1,981,851 \\ \hline 72,826 & 59,011 & 83,509 & 91,305 & 85,888 & 121,087 & 120,941 & 109,381 \\ \hline 257,116 & 253,597 & 313,126 & 279,276 & 294,387 & 368,739 & 326,902 & 436,262 \\ \hline 835,474 & 742,702 & (219,877) & 1,130,164 & (33,376) & 1,410,090 & 491,210 & 1,270,502 \\ \hline 81,499 & 0 & 41,580 & 0 & 26,046 & 27,483 & 29,449 & 27,064 \\ \hline 158,310 & 200,063 & 209,375 & 216,112 & 247,202 & 228,742 & 311,125 & 242,928 \\ \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 Shareholders' equity EBITDA Long-term debt (in long-term liabilities) Other current assets Short-term debt Free cash flows to the firm Current portion of long-term debt Cash Other information Terminal growth rate Number of shares of stock End of historical period Expected return of debt WACC Expected return of equity Exit EV/EBITDA multiple Valuation date \begin{tabular}{|r|r|r|r|r|r|r|r|r|} \hline 2022A & 2023E & 2024E & 2025E & 2026E & 2027E & 2028E & 2029E \\ \hline 213,128 & 276,914 & 293,639 & 366,690 & 390,945 & 433,435 & 517,911 & 426,215 \\ \hline 865,075 & 772,650 & 834,536 & 925,536 & 1,014,881 & 1,271,782 & 984,876 & 1,116,090 \\ \hline 1,905,843 & 1,503,546 & 1,838,603 & 2,157,480 & 1,747,804 & 2,132,936 & 2,429,520 & 1,981,851 \\ \hline 72,826 & 59,011 & 83,509 & 91,305 & 85,888 & 121,087 & 120,941 & 109,381 \\ \hline 257,116 & 253,597 & 313,126 & 279,276 & 294,387 & 368,739 & 326,902 & 436,262 \\ \hline 835,474 & 742,702 & (219,877) & 1,130,164 & (33,376) & 1,410,090 & 491,210 & 1,270,502 \\ \hline 81,499 & 0 & 41,580 & 0 & 26,046 & 27,483 & 29,449 & 27,064 \\ \hline 158,310 & 200,063 & 209,375 & 216,112 & 247,202 & 228,742 & 311,125 & 242,928 \\ \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}