Raw Input area: Sales Costs Depreciation EBT Tax Net income 2015 2700 700 400 1600 0 1600 2016 3400 1100 400 1900 0 2017 3600 1200 400 2000 0 2000 1900 Capital expenditures NWC 200 30 300 120 300 220 150 Asset sales 1400 Interest payments 2500 2600 1800 Terminal growth rate Unlevered return on assets Pretax cost of debt Tax rate Shares outstanding (million) Price per share Outout area: 3.50% 14.00% 12.50% 35.00% 425 $ 29.00 OCF Change in WC Change in CAPEX = Depreciation FCF Terminal Value of CF Total FCF PV of CF 0 0 0 0 0 0 Debt Interest on Debt Interest payments Interest Tax Shield PV of Interest Tax Shield 0 Enterprise Value Total Debt Total Equity Number of shares Price/Share 425 Raw Input area: Sales Costs Depreciation EBT Tax Net income 2015 2700 700 400 1600 0 1600 2016 3400 1100 400 1900 0 2017 3600 1200 400 2000 0 2000 1900 Capital expenditures NWC 200 30 300 120 300 220 150 Asset sales 1400 Interest payments 2500 2600 1800 Terminal growth rate Unlevered return on assets Pretax cost of debt Tax rate Shares outstanding (million) Price per share Outout area: 3.50% 14.00% 12.50% 35.00% 425 $ 29.00 OCF Change in WC Change in CAPEX = Depreciation FCF Terminal Value of CF Total FCF PV of CF 0 0 0 0 0 0 Debt Interest on Debt Interest payments Interest Tax Shield PV of Interest Tax Shield 0 Enterprise Value Total Debt Total Equity Number of shares Price/Share 425