Please complete.

		1	2	3	4	5	6	7	8	9	10
		2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
	Assumptions:
	Revenue growth (%)	6.5	6.5	6.5	6.5	6.0	6.0	6.0	6.0	6.0	6.0
	COGS/sales (%)	60.0	60.0	59.5	59.5	59.0	59.0	58.5	58.5	58.0	58.0
	SG&A/sales (%)	28.0	27.5	27.0	26.5	26.0	25.5	25.0	25.0	25.0	25.0
	Tax rate (%)	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0
	Current assets/sales (%)	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0
	Current liabilities/sales (%)	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5
	Yearly depreciation and capex equal each other.
	Cost of capital (%)	12.0%
	Terminal growth rate (%)	3.00%
	Operating income	1,218.4	1,351.6	1,554.6	1,717.0	1,950.0	2,135.9	2,410.2	2,554.8	2,790.1	2,957.5
	Taxes	463.0	513.6	590.7	652.5	741.0	811.6	915.9	970.8	1,060.2	1,123.9
	NOPAT	755.4	838.0	963.9	1,064.5	1,209.0	1,324.3	1,494.3	1,584.0	1,729.9	1,833.7
	Capex, net of depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Change in NWC	8.8	-174.9	-186.3	-198.4	-195.0	-206.7	-219.1	-232.3	-246.2	-261.0
	Free cash flow	764.2	663.1	777.6	866.1	1,014.0	1,117.6	1,275.2	1,351.7	1,483.7	1,572.7
	Terminal value
	Total flows	764.2	663.1	777.6	866.1	1,014.0	1,117.6	1,275.2	1,351.7	1,483.7	1,572.7
	Present value of flows
	Enterprise value
	Less: current outstanding debt	1,296.6
	Equity value
	Current shares outstanding
	Equity value per share			Current share price:		$ 42.09
	Sensitivity of equity value to discount rate:
	Discount Rate	Equity Value