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The following table reports the FCFs of Airbnb in the past years: 2015 2010 Add EBITDA . 000 $ (7) 101 Nach provided by used

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The following table reports the FCFs of Airbnb in the past years: 2015 2010 Add EBITDA . 000 $ (7) 101 Nach provided by used in operating $(A 180 1111 The business risk of Airbnb (rA) is 7.3%, and you expect the FCF in 2021 to be the average of the FCFs in the past 4 years (2019, 2018, 2017, 2016). Airbnb is all-equity financed and has a corporate tax rate of 11%. Q: What is the implied expected constant growth rate of the future FCFs that is consistent with the current valuation of Airbnb at $18000M (M=million)? Report your answer in percentage (%) and round it to 2 decimal places. The following table reports the FCFs of Airbnb in the past years: Year Ended December 31, 2015 2016 2017 2013 2010 Net loss $ (1354) 5 $ (94.0) 5 (147.4) 5 (52.7) 5 in milions) (700) 5 1183) 30.05 170.6 S (2533) Adjusted EBITDA 115.05 25125 2227 $ Netcash provided by used in operating activities Free Cash Flow 5 (73.4) 5 $ (123.6) 5 5950 $ 59 1 21.15 1510 The business risk of Airbnb (rA) is 7.3%, and you expect the FCF in 2021 to be the average of the FCFs in the past 4 years (2019, 2018, 2017, 2016). Airbnb is all-equity financed and has a corporate tax rate of 11% Q: What is the implied expected constant growth rate of the future FCFs that is consistent with the current valuation of

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