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 2022E... Est. Domestic Sales (medical only) $ 18.9 $ Est. INCR Israel EBITDA $ 4.9 $ 26% EBITDA Margin Taxes 1.1 $ 1.2 Working Capital Capex 10.0 Free Cash Flow $ (7.5) $ 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) $ 410 42.7 Value per share (US$) 9.60 Source: Company Reports, Canaccord Genuity estimates The item "Working Capital' is badly named. It should be called: Select one: O a. Delta NOWC O b. NOWC O C. CA - CL O d. CA-Cash-MarketableSecurities - (CL - Interest Bearing CurrentLiabilities) $ 457 90% 66.0 $ 25.1 $ 38% 5.8 $ 5.0 15.0 (0.7) S (0.7) $ 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