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Year o Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Initial investment EBIT Taxes - Depreciation XT + Salvage value -

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Year o Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Initial investment EBIT Taxes - Depreciation XT + Salvage value - Tax on salvage NOWC + Recapture of NOWC Total free cash flow

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