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Forecast Year Discounted Cash Flow Model Cost of Capital (WACC) N Free Cash flow to equity holders Present value factor Present value of cash

Forecast Year Discounted Cash Flow Model Cost of Capital (WACC) N Free Cash flow to equity holders Present value factor Present value of cash flows 258,000,000 Terminal value of cash flow beyond horizon Value of equity 12,162,327 Number of shares (millions) 64,707,000 Price per share 185.68 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 8.01% 1 2 3 4 5 6 7 8 9 10

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