What would the valuation be if both operating margins and networking capital turnover remain at the 2016 level?

WACC = 9%

2016 Operating Margin = 10%

2016 Working Capital Turnover = 4.92

Revenue growth Operating expenses/ revenue Net working capital Net equipment Depreciation Capital expenditures 2016 0.5% 57.4% 315.9 326.3 10.4 4.1 2017 3.0% 57.4% 325.4 375.1 14.0 62.8 2018 5.0% 57.0% 341.6 415.1 20.0 60.0 2019 5.0% 56.5% 358.7 455.1 28.0 68.0 2020 5.0% 56.0% 376.7 475.1 37.0 57.0 2021 3.0% 54.0% 388.0 498.2 42.0 65.1 2022 3.0% 53.0% 399.6 484.2 42.9 28.9 2023 2.0% 53.0% 407.6 464.6 42.9 23.3 Net revenue Operating expenses Depreciation Physician salary Operating profit Taxes EBIT NOPAT Gross cash flow Less: Change in NWC Less: CapEx FCF Growth Rate 1,602 920 14 500 160 51.2 160 108.77 122.77 9.5 62.8 50 1.682 959 20 525 168 53.7 168 114.21 134.21 16.3 60.0 58 14.75% 1,766 998 28 551 176 56.4 176 119.92 147.92 17.1 68.0 63 8.45% 1.854 1,038 37 579 185 59.3 185 125.92 162.92 17.9 57.0 88 40.01% 1.910 1,031 42 596 191 61.0 191 129.69 171.69 11.3 65.1 95 8.31% 1.967 1,043 43 614 196 62.9 196 133.59 176.49 11.6 28.9 136 42.66% 2.007 1,064 43 626 200 64.1 200 136.26 179.16 8.0 23.3 148 8.77% Revenue growth Operating expenses/ revenue Net working capital Net equipment Depreciation Capital expenditures 2016 0.5% 57.4% 315.9 326.3 10.4 4.1 2017 3.0% 57.4% 325.4 375.1 14.0 62.8 2018 5.0% 57.0% 341.6 415.1 20.0 60.0 2019 5.0% 56.5% 358.7 455.1 28.0 68.0 2020 5.0% 56.0% 376.7 475.1 37.0 57.0 2021 3.0% 54.0% 388.0 498.2 42.0 65.1 2022 3.0% 53.0% 399.6 484.2 42.9 28.9 2023 2.0% 53.0% 407.6 464.6 42.9 23.3 Net revenue Operating expenses Depreciation Physician salary Operating profit Taxes EBIT NOPAT Gross cash flow Less: Change in NWC Less: CapEx FCF Growth Rate 1,602 920 14 500 160 51.2 160 108.77 122.77 9.5 62.8 50 1.682 959 20 525 168 53.7 168 114.21 134.21 16.3 60.0 58 14.75% 1,766 998 28 551 176 56.4 176 119.92 147.92 17.1 68.0 63 8.45% 1.854 1,038 37 579 185 59.3 185 125.92 162.92 17.9 57.0 88 40.01% 1.910 1,031 42 596 191 61.0 191 129.69 171.69 11.3 65.1 95 8.31% 1.967 1,043 43 614 196 62.9 196 133.59 176.49 11.6 28.9 136 42.66% 2.007 1,064 43 626 200 64.1 200 136.26 179.16 8.0 23.3 148 8.77%