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Hairvus corporation, one of the largest manufacturers all over the world, reported EBITDA of 1.200 million euro in 2018, prior to interest expenses of 320 million euro and depreciation charges of 400 million. Capex in 2018 amounted to 450 million euro. Working capital is 7% of annual revenues (which were 12.000 million euro in 2018) and working capital for 2017 was 763,6 million euro. The firm has debt outstanding of 4.000 million euro. Moreover, there are 90 million shares outstanding, trading at 80 euro per share, with a beta of 1,25. The tax rate for the firm is 25% and beta for debt=0. (consider risk free rate as 7% and market premium as 5,5%)

The company expects revenue, earnings, capital expenditures and depreciation to grow by at 10% a year from 2019 to 2013 (as in 2018), after which the growth rate is expected to drop to 4%. (consider that CAPEX offsets depreciation in this steady period). The company also plans to lower its debt ration (D/E) to 50% for the steady state (which result in the pre-tax interest rate dropping to 6,0%). Consider that the change (year over year) in working capital for year 2024 is 54,1% million euro and beta for debt=0, estimate

1. Ke and WACC for both periods
2. FCFF for 2019 to 2024
3. Terminal value
4. The intrinsic value of the firm
5. The intrinsic value per share

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