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what is the discounted terminal value ? DISCOUNTED FCFF 300,250 9,731,271 10,015,098 10,359,701 Discounted FCFF Terminal value Discounted terminal value 562,142,029 Equity allocation Debt allocation

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DISCOUNTED FCFF 300,250 9,731,271 10,015,098 10,359,701 Discounted FCFF Terminal value Discounted terminal value 562,142,029 Equity allocation Debt allocation Market risk premium Expected market return Risk-free rate Beta After-tax cost of debt Cost of equity WACC Terminal FCFF growth rate Current implied DCF (Enterprise value) Free cash flow to firm (FCFE). EARNINGS AFTER TAX ADJUSTMENT 35% 65% 5% 5.5% 0.5% 1.7 5.97% 9.0% 7.03% 5,622,614 6,098,206 6,263,179 6,497,376 EBIT Tax adjustment Earnings after tax 7,235,692 1,613,078 5,622,614 7,896,236 1,798,030 6,098,206 8,125,365 1,862,186 6,263,179 8,450,639 1,953,263 6,497,376 DEPRECIATION 3.950,125 3,950,125 3,950,125 3,950,125 3,950,125 (317,060) 3,950,125 3,950,125 (198,206) 3,950,125 (272,489) 87,800 Depreciation of fixed assets CHANGE IN WORKING CAPITAL (Increase/decrease in inventories (Increase/decrease in trade receivables Increase/(decrease) in trade payables CAPITAL EXPENDITURE (188,500) (171,489) 87,500 (244,120) (55,040) (17,900) (10,856) (210,850) 23,500 117,500 (77,200) 47,500 9,000,000 Fixed asset purchase 9,000,000 DISCOUNTED FCFF 300,250 9,731,271 10,015,098 10,359,701 Discounted FCFF Terminal value Discounted terminal value 562,142,029 Equity allocation Debt allocation Market risk premium Expected market return Risk-free rate Beta After-tax cost of debt Cost of equity WACC Terminal FCFF growth rate Current implied DCF (Enterprise value) Free cash flow to firm (FCFE). EARNINGS AFTER TAX ADJUSTMENT 35% 65% 5% 5.5% 0.5% 1.7 5.97% 9.0% 7.03% 5,622,614 6,098,206 6,263,179 6,497,376 EBIT Tax adjustment Earnings after tax 7,235,692 1,613,078 5,622,614 7,896,236 1,798,030 6,098,206 8,125,365 1,862,186 6,263,179 8,450,639 1,953,263 6,497,376 DEPRECIATION 3.950,125 3,950,125 3,950,125 3,950,125 3,950,125 (317,060) 3,950,125 3,950,125 (198,206) 3,950,125 (272,489) 87,800 Depreciation of fixed assets CHANGE IN WORKING CAPITAL (Increase/decrease in inventories (Increase/decrease in trade receivables Increase/(decrease) in trade payables CAPITAL EXPENDITURE (188,500) (171,489) 87,500 (244,120) (55,040) (17,900) (10,856) (210,850) 23,500 117,500 (77,200) 47,500 9,000,000 Fixed asset purchase 9,000,000

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