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Suppose you have made the following assessment for Company XYZ for four years: 20X1 20X2 20X3 20X4 EBITDA* 120 110 Depreciation and amortization 20 25

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Suppose you have made the following assessment for Company XYZ for four years: 20X1 20X2 20X3 20X4 EBITDA* 120 110 Depreciation and amortization 20 25 28 60 Pre tax operating profit 85 73 Capital investment 30 30 20 EBITDA Earnings before interest, taxes, depreciation and amortization

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