2019 2020 2021 2022 2023

EBIT 5500 5600 5800 6010 6030

Capital Expenditures 500 500 500 500 500
Changes in Working Capital 40 100 (20) (20) 10
Depreciation 50 60 100 120 130
3,855.00 3,884.00 4,202.00 4,387.90 4,383.70
3472.973 3152.341531 3072.4662 2890.4456 2601.5126
NPV 15,189.74

1b TF @ 2023 = 6030*(1-0. = 43306.36

NPV of TF = 43306.36/( 25700.217

Stock price per share 37.3531

-- Book value per share 22.94
* no. of shares outstanding 6.14
= (37.3531 - 22.94)*6.14
88.496434
D 165.67
E 229.23
D/(D+E) 0.419524
E/(D+E) 0.580476

= (2.9 + 2.08)*(1-0.21)*0.41952 + (6.25*0.43+2.9)*(0.58048)

= 4.8939