Here is a table from Canaccord's 'sum of the parts' valuation of INCR. Figure 29: Valuation of Israeli opportunity (medical only) US$MMS 2020E 2021E 66.0 Est. Domestic Sales (medical only) $ 18.9 $ Est. INCR Israel EBITDA $ 4.9 $ 26% EBITDA Margin Taxes $ 1.1 $ Working Capital 1.2 Capex 10.0 (7.5) $ Free Cash Flow $ Terminal Value PV of Cash Flow $ (7.5) $ Discount Rate Terminal Growth 12% 2% $ Present Value of FCF (US$) Ownership adj. for retail JV Value of INCR Israel (US$) # of shares outstanding (FD) Value per share (US$) $ 410 42.7 $ 9.60 Source: Company Reports, Canaccord Genuity estimates How is the Free Cash Flow calculated? Select one: a. EBITDA + Taxes + Working Capital + CapEx b. EBITDA- Taxes - WorkingCapital - CapEx C. Sales + Taxes + Working Capital + CapEx d. Sales Taxes - WorkingCapital - CapEx e. Sales - EBITDA - Taxes - Working Capital - CapEx 457 90% 25.1 $ 38% 5.8 $ 5.0 15.0 (0.7) $ (0.7) $ 2022E... 98.0 $ $ 39.2 40% 9.0 $ 3.5 15.0 11.7 $ 11.0 $ 2028E 191.1 $ 86.0 $ 45% 19.8 $ 0.4 5.0 60.8 $ 28.3 $ 2029E 193.8 $ 87.2 $ 45% 20.1 $ 0.3 5.0 61.8 $ $ 25.6 $ 2030E 196.5 88.4 45% 20.3 0.3 5.0 62.8 598.5 247.6