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Free cash flow to firm 2019 2020 2021 2022 2023 Free cash flow to firm 27878 -12103 -14410 -9718 -14025 Net income 10000 15000 17333

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Free cash flow to firm 2019 2020 2021 2022 2023 Free cash flow to firm 27878 -12103 -14410 -9718 -14025 Net income 10000 15000 17333 19667 22000 Non-cash charges 25000 26000 27000 28000 29000 Interest 878 897 923 949 975 Long-term investment 45000 44000 45333 44667 48000 Investment in working capital 8000 10000 14333 13667 18000 WACC 0.09 0.08 0.09 0.1 Expected growth rate 0.03 Firm Value -201717 -288200 -161966.6667 -200357.1429 Shares 2500 Estimated share price 11.1512 -4.8412 -5.764 -3.8872 -5.61 Free cash flow to equity 2019 2020 2021 2022 2023 Free cash flow to equity 72000 112047 122689 124000 139308 Net income 10000 15000 17333 19667 22000 Non-cash charges 25000 26000 27000 28000 29000 Interest 378 897 923 949 975 Long-term investment 45000 44000 45333 44667 48000 Changes in working capital 0 2000 4333 -666 4333 Capital expenditure 24,150 27,767 31,383 35,000 Cost of equity 0.11 0.12 0.1 0.13 Expected growth rate 0.03 Equity value 1400588 1022408 1240000 1071600 Firm value Shares 2500 Estimated share price 28.8 44.8188 49.0756 49.6 55.7232

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