OPERATING CASH FLOW 11768

TOTAL DEBT (lt=st DEBT) 163833

CASH AND SHORT TERM INVESTMENTS 27558
CASH FLOW GROWTH RATE (YR 1-5) 15.84
CASH FLOW GROWTH RATE (YR 6-10) 15.84

NO OF SHARES OUTSTANDING 14735

2019 2020 2021

CASH FLOW PROJECTED 13632.0512 15791.37 18292.72
DICOUNT FACTOR 0.9434 0.8900 0.8396
DISCOUNTED VALUE 12860.4256603774 14054.26 15358.92
PV OF 10 YR CASH FLOW 198046.490295304
INTRINSIC VALUE BEFORE CASH/DEBT 13.440549053
LESS DEBT PER SHARE 11.1186291144
PLUS CASH PER SHARE 1.870240923
FINAL INTRINSIC VALUE 4.1921608616

CURRENT YEAR 2018

DISCOUNT RATE 6

2022 2023 2024 2025 2026 2027

21190.2877964014 24546.8293833514 28435.05 32939.16 38156.72 44200.75
0.7921 0.7473 0.7050 0.6651 0.6274 0.5919
16784.6926857195 18342.818874658 20045.59 21906.42 23940 26162.35
 2028
51202.14
0.5584
28591.01