Year 1 2 3 5 9 10 12 13 14 Revenue Growth CT 0.15 0.15 0.15 0.15 0.1 0.1 0.1 0.1 0.1 0.05 0.05 0.0 0.05 Revenue ($) 0.05 80,000,000 Costs (% Revenues) 70 70 70 70 70 30 80 80 80 80 90 90 90 90 90 Depreciation and Amortization 250,000 250,000 250,000 250,000 250,000 300,000 300,000 300,000 300,000 300,000 500,000 500,000 500,000 500,000 500,000 nterest Expense 150,000 160,000 170,000 180,000 190,000 200,000 210,000 220,000 230,000 240,000 250,000 260,000 270,000 280,000 Capital Expenditure (% Revenues) 290,000 2 1.5 1.5 1.5 1.5 1.5 Change in NWC (NWC(n)-NWC(n-1)) 100,000 125,000 150,000 175,000 200,000 225,000 225,000 225,000 225,000 225,000 200,000 175,000 150,000 125,000 100,000 Change in Debt 100,000 200,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 200,000 100,000 Tax Rate 40% RE 4% beta 1.8 Market Risk Premium 8% Growth in FCFE after Y15 (in perpetuity) 3%