Free Cash Flow = OCF - Capex - Δ NWC

= EBIT - taxes + Depr - Capex - Δ NWC

(taxes only on EBIT)
= NOPAT + Depr - Capex - Δ NWC
(if no interest expense)

Terminal Value = FCF / [WACC – g] (if g is constant, forever)

and/or Multiple method

WACC = (E/V) x R + (D/V) x R x (1 – T )

E D C

with: R = R + (R – R )
E f M f

and, if needed:  =  [ 1 + (1 – T ) x (D/E) ]

L U C

n
CFt
n
CFt n  (1  r ) t
NPV  
CFt
t  0 (1  R )
t 
t  0 (1  IRR )
t
0 PI  t 1
CF0