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Identify key assumptions to construct Exhibit 22, 23 and 24. Are they reasonable? Do you agree with the estimates given in Exhibit 25? Recalculate the

Identify key assumptions to construct Exhibit 22, 23 and 24. Are they reasonable?
Do you agree with the estimates given in Exhibit 25?
Recalculate the appropriate WACC for Baidu stock based on your own assumptions.

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