USD	2021 Est.	2020	2019	2018	2017	2016	2015	2014	2013	2012
CFO1	2,119	3,278	3,960	3,718	3,346	3,386	2,332	2,792	2,562	2,206
BV1	12,319	11,720	11,132	11,159	11,712	10,219	9,117	8,673	9,639	9,458
Cash return on equity	17.2%	28.0%	35.6%	33.3%	28.6%	33.1%	25.6%	32.2%	26.6%	23.3%
Interest1	75
CE1	1,559
Common shares1	302.6

¹ In millions

The historical geometric growth rate using regression smoothing of CFO is 3.0% which is expected to continue in the future. The market value of the companys debt is USD 5,716.0 million at the end of 2021.

Hint: When calculating FCFF, use the formula FCFF = CFO + (I)(1 TR) CE to estimate FCFF initially and then grow it using a one-stage model and the long-term term rate above. Remember that the market value of the firms debt must be deducted to get the market value of equity which is used to determine the value of the share. Apply historical average historical cash return on equity to normalized CFO as 2021 is an outlier due to COVID 19.

Calculate FCFF. WACC is 8.99%.