**I am having trouble with FCF

You have recently assumed the role of CFO at your company. The company's CEO is looking to expand its operations by investing in new property, plant, and equipment. You are asked to do some capital budgeting analysis that will determine whether the company should invest in these new plant assets.

• The firm is looking to expand its operations by 10% of the firm's net property, plant, and equipment. (Calculate this amount by taking 10% of the property, plant, and equipment figure that appears on the firm's balance sheet.)
• The estimated life of this new property, plant, and equipment will be 12 years. The salvage value of the equipment will be 5% of the property, plant and equipment's cost.
• The annual EBIT for this new project will be 18% of the project's cost.
• The company will use the straight-line method to depreciate this equipment. Also assume that there will be no increases in net working capital each year. Use 35% as the tax rate in this project.
• The hurdle rate for this project will be the WACC that you are able to find on a financial website, such as Gurufocus.com. If you are unable to find the WACC for a company, contact your instructor. He or she will assign you a WACC rate. **WACC is 9.4%

• Your calculations for the amount of property, plant, and equipment and the annual depreciation for the project
• Your calculations that convert the project's EBIT to free cash flow for the 12 years of the project.
• The following capital budgeting results for the project
• Net present value
• Internal rate of return
• Discounted payback period.
• Your discussion of the results that you calculated above, including a recommendation for acceptance or rejection of the project

Project cost - $16.33*

Annual Depreciation - $1.293*

EBIT - $2.939*

NOPAT - $1.91*

Changes in Net working Capital = 0 (constant)

Marginal tax rate - 35%

WACC - 9.4%

I cannot determine how to figure out free cash flow*** for years 1 - 12 - can you help me to determine what values should be used in the FCF formula.

I have seen FCF = NOPAT + depreciation - changes in working capital - capital expenditures.

I have the NOPAT, depreciation, change in working capital. I do not understand how to determine the capital expenditures.