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Copy of dcf-analysis - Unlevered Free Cash Flow Calculation...

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Unlevered Free Cash Flow Calculation Calendar Year Ending December 31, CAGR CAGR 2008A 2009P 2010P 2011E 2012E 2013E 2008-2012 2010-2012 EBIT $56,565.0 $31,839.0 $45,614.0 $50,183.0 $56,982.0 $60,201.0 1.6% 14.9% Plus: Non-deductible Goodwill Amort. - - - - - - EBITA $56,565.0 $31,839.0 $45,614.0 $50,183.0 $56,982.0 $60,201.0 1.6% 14.9% Less: Provision for Taxes (22,626.0) (12,735.6) (18,245.6) (20,073.2) (22,792.8) (24,080.4) Unlevered Net Income $33,939.0 $19,103.4 $27,368.4 $30,109.8 $34,189.2 $36,120.6 1.6% 14.9% Plus: D&A (excl. non-deductible GW amort.) 9,450.0 6,440.0 9,119.0 9,838.0 9,521.0 12,866.0 Less: Capital Expenditures (2,021.0) (5,945.0) (6,194.0) (5,303.0) (15,000.0) (6,038.0) Less: Increase in Net Working Capital (2,689.3) (2,689.3) (2,689.3) (2,689.3) (2,689.3) (2,689.3) Unlevered Free Cash Flow $38,678.7 $16,909.1 $27,604.1 $31,955.5 $26,020.9 $40,259.3 1.0% 20.8% Tax Rate 40.0% DCF Analysis (2008-2012): EBITDA Multiple Method Net Debt $36,907.0 Shares 1,000.000 Total Enterprise Value
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