Year

1
Revenues
200
Cost
100
EBIT
100
NWC
3
EBIAT
60
FCFE
57
Discounting Factor
0.885
PV
50.44248
217
TV
NP(TV)
375
NPVF
591
Debt
Payment
Net Debt
Int payment
Int Tax Shield

2
3
4
5
210
220
230
240
105
110
115
120
105
110
115
120
3
4
4
5
63
66
69
72
60
62
65
67
0.783
0.693
0.613
0.543
46.9888 42.96911 39.86572 36.36492
690.1

75
25
50
6
2.4

50
25
25
4
1.6

25
25
0
2
0.8

0
0
0
0
0

0
0
0
0
0

100
94
220
126
94
37.6

105
101
126
25
101
40.4

110
108
25
0
25
10

115
115
0
0
0
0

120
120
0
0
0
0

8%
4.23

EBIT
Int
Beg NOL
End NOL
NOL used
NOL Tax Shield
PV

77.39

Tax Rate
Growth Rat
MRP
Unlevered
RFR
Ke

Total PV
Unlevered Firm
Tax Shields
NOL Shields
Total Value

40%
3%
7.5%
0.8
7%
13.00%

591
4.23
77.39
673

673
2%
3%
4%

12%

589

798

500 199.3007
28.50%

13%

14%