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Free Cash Flow Model 2012 $14,869.00 Free Cash Flow FCF Growth 2013 $13,345.00 - 10.25% 2014 $12,685.00 -4.95% 2015 $13,104.0

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Ε 2015 13104 3.30% 2016 12934 -1.30% 2017 12951 0.13% ={(G149/B149)^(1/5))-1 =AVERAGE(C150:G150) -2.72% -2.61% 0.8 148 2012 2

2012 2013 2014 2015 2016 2017
Free cash flow 14869 13345 12685 13104 12934 12951 =((G149/B149)^(1/5))-1 -2.72%
FCF Growth -10.25% -4.95% 3.30% -1.30% 0.13% =AVERAGE(C150:G150) -2.61%
Equity Beta 0.8
Debt / Equity 2.26
Tax rate 21%
Risk free rate 2.00%
Market risk premium 10.00%
Asset Beta Formula = Equity Beta / (1+(1 - tax rate)x(Debt / Equity)
Required rate of return using CAPM = Risk free rate + (Beta * (Market risk premimum))
Asset Beta =B152/(1+(1-B154)*(B153)) 0.2872
Required rate of return using CAPM =B155+(B161*B156) 4.87%
Value of firm using FCF model with geometric average =G149*(1+J149)/(C162-J149) $                 1,65,843.32
Value of firm using FCF model with arithmetic average =G149*(1+J150)/(C162-J150) $                 1,68,536.40
Total debt outstanding $                    39,837.00
Total # of shares outstanding 937
Value of stock using Geometric average =(E164-C167)/C168 $                          134.48
Value of stock using Arithmetic average =(E165-C167)/C168 $                          137.35

Note : Select cell A148 in excel and paste above text data in excel on any sheet you will get the results.

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