How do you estimate firm value when free cash flows of the firm are uneven for the first few years but stay constant after? This was posted and answered incorrectly already. Please show your work. Thanks

Appendix 3. Saito Solar, Projected Profit & Loss and Cash Flows (millions of Yen, year ending June 30) Actual 2012 6,234.1 4,041.9 2,192.2 35.2% Projected Sales COGS Gross margin 2013 20142015 2016 2017 7,792.6 9,351.2 10,753.8 11,829.2 12,420.7 4.994.85,993.8 6,8928 Z,582.1 9612 2,797.8 3,357.4 3,861.0 4,247.14,459.5 35.9% 35.9% 35.9% 35.9% 35.9% Gross margin (9%) Marketing & selling G&A expenses EBITDA 1,030.2 569.0 593.0 9.5% 1,202.0 1,344.2 504.4 1,722.9 1,875.0 660.2 960.0 134.2.180.2 1,200.0 935.6 1,053.2 1,222.4 1,344.0 1,384.5 12.0% 11.3% 11.4% 11.4% 11.1% EBITDA margin (%) Depreciation EBT 156.4 436.6 7.0% 174.4 190.0 200.0 2205 250.0 7612 863.2 1,022.4 1,123.5 1,134.5 EBT margin (%) 9,5% 9,2% 9,5% 9,5% 9.1% Taxes Net Income (NI) 172.5 264.1 4.2% 289.3 328.0 388.5 426.9 431.1 472.0 535.2 633.9 696.6 703.4 61% 5.7% 5.9% 5.9% 5.7% Return on sales (%) Operating Cash Flows 420.5 6464 725.833.9 917.1953.4 NI +Depreciation) Change in NWC Change in CAPEX Free Cash Flow (170.4) (200.0 (210.0) (245.0) (260.0 (275.0) (50.0) (50.0 (50.0 (50.0 (50.0) 396.4 465.2 538.9 607.1628.4 250.1