FREE CASH FLOW = Net Income + Interest*(1-tax rate) + Depreciation + Change

in invested capital
= 346.6 + 14 (1 – 30%) + 97 + (1818.7 – 1699.7)
= 346.6 + 14 (1 – 30%) + 97 + 119
= 468.42 million

WACC = 15.06%
GROWTH = 5%
ROIC = 15%

ENTERPRISE VALUE = FCFF / (WACC – Growth Rate)

= 468.42 / (15.06% - 5%)
= 468.42 / 10.06%
= PHP 4,656,262,425