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what are the steps to calculate 2022 FCFx(1+g) 62220, terminal value in 2022 1037004? thanks 16 Apple Unlevered Free Cash Flows Period (t) 17 2017A

what are the steps to calculate 2022 FCFx(1+g) 62220, terminal value in 2022 1037004? thanks

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16 Apple Unlevered Free Cash Flows Period (t) 17 2017A 2018P 2019P 2020P 2021P 2022P 18 19 EBITDA EBIT 20 74,467 67,343 26% 78,190 70,710 26% 82,099 74,245 26% 86,204 77,957 26% 90,515 81,855 26% 95,040 85,948 26% Tax rate 21 22 23 24 25 26 27 28 29 30 31 EBIT (1-t) D&A NWC Capital expenditures Unlevered free cash flows (UFCF) 49,834 52,325 54,941 57,689 60,573 63,602 7,124 7,480 7,854 8,247 8,659 9,092 (1,032) (929) (836) (753) (677) (610) (9,836) (10,278) (10,741) (11,224) (11,729) (12,257) 46,089 48,598 51,219 53,959 56,826 59,827 10% 10% Discount rate (r) PV of UFCFS 10% 44,180 10% 42,329 10% 38,813 40,540 37,148 32 Stage 1: Sum of present values 203,010 33 34 35 36 37 Terminal value Long term growth rate 2022 FCF X (1+g) Terminal value in 2022 Stage 2: PV of TV 4% 62,220 1,037,004 643,898 38 39 40 Enterprise value (stage 1+2) 846,908 16 Apple Unlevered Free Cash Flows Period (t) 17 2017A 2018P 2019P 2020P 2021P 2022P 18 19 EBITDA EBIT 20 74,467 67,343 26% 78,190 70,710 26% 82,099 74,245 26% 86,204 77,957 26% 90,515 81,855 26% 95,040 85,948 26% Tax rate 21 22 23 24 25 26 27 28 29 30 31 EBIT (1-t) D&A NWC Capital expenditures Unlevered free cash flows (UFCF) 49,834 52,325 54,941 57,689 60,573 63,602 7,124 7,480 7,854 8,247 8,659 9,092 (1,032) (929) (836) (753) (677) (610) (9,836) (10,278) (10,741) (11,224) (11,729) (12,257) 46,089 48,598 51,219 53,959 56,826 59,827 10% 10% Discount rate (r) PV of UFCFS 10% 44,180 10% 42,329 10% 38,813 40,540 37,148 32 Stage 1: Sum of present values 203,010 33 34 35 36 37 Terminal value Long term growth rate 2022 FCF X (1+g) Terminal value in 2022 Stage 2: PV of TV 4% 62,220 1,037,004 643,898 38 39 40 Enterprise value (stage 1+2) 846,908

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