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= (Ao*/So)S-(L*So)S-MS1(1-d)

=
=
=
=

3,000,000
5,000,000
0.60
600,000 410,000

1,000,000

1,000,000

100,000 -

500,000
5,000,000
0.10
90,000

1,000,000

1,000,000

5% (6,000,000)

(1-70%)

300,000

0.30

Vop =
Vop =

FCF
x (1 + g)
WACC - g
$400,000 x 1.05
12 % - 5%

$420,000
7%
Vop = $6,000,000
Vop =

Free cash flow (millions of dollars)

2010
$ 606.82

Horizon value 2012

Horizon value 2012

Horizon value 2012

Horizon value 2012

2011
$ 667.50
FCF

2012
$ 707.55
x
WACC - g

$ 707.55

x
11 % - 6%

$750
5%
$15,000

2013
$ 750.00
(1 + g)

WACC - g
1.06

1 % - 6%
$750
5%

Capital

Vop =

$400,000

x
12 % - 5%

1.05

$420,000
7%

Vop =
Vop

+ Capital (EROIC WACC)


WACC - g

$6,000,000

$ 200,000,000 x
(9%-10%)
10% - 5%
MVA = $(40,000,000)
MVA =

Vop
Vop

= $ 200,000,000 - $40,000,000
= $160,000,000

$ 200,000,000

-0.01 $ (2,000,000)
-40000000