2022 2022 2023 2024 2023 2023

Base Year Y1 Y2 Y3 Y4 Y5
Revenue 4000 4400.0 4840.0 5324.0 5856.4 6442.0
Growth in Revenue 10% 10% 10% 10% 10%

EBIT 500 550.0 605.0 665.5 732.1 805.3

Growth in EBIT 10% 10% 10% 10% 10%
Tax Rate 40% 40% 40% 40% 40% 40%
EBIT*(1-T) 300 330 363 399.3 439.23 483.153
WC 1200 1320 1452 1597.2 1756.92 1932.612
WC as % Revenue 30% 30% 30% 30% 30% 30%
Change in WC 0 120.0 132.0 145.2 159.7 175.7

Capex 300 330.0 363.0 399.3 439.2 483.2

Growth in Capex 10% 10% 10% 10% 10%
Depreciation 200 220.0 242.0 266.2 292.8 322.1
Growth in Dep 10% 10% 10% 10% 10%
FCFF 200 100.0 110 121 133.1 146.41
PV of Cash Flows 87.0 110.0 121.0 133.1 146.4
1 2 3 4 5
Terminal Growth 6%
Terminal Value 1724.6
PV of Terminal Value 857.5
Value of Firm 1454.9
 Explicit Stable
Rf 13% Rf 12%
Rm- Rf 6% Rm- Rf 7%
Beta 1.333 Beta 1
Ke 21% Ke 12.00%
We 50% We 60%

Kd 15% Kd 15%
Tax 40% Tax 40%
Wd 50% Wd 40%

WACC WACC
15%

597.5