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Unformatted text preview: 327,155) (75,092) (1,284) 19,541 0 (38,092) 57,963 504,891 (344,088) (77,397) (1,247) 21,216 0 (41,357) 62,019 528,722 (360,329) (79,846) (1,196) 23,034 0 (44,902) 65,485 551,268 (375,694) (82,450) (1,131) 25,009 0 (48,750) 68,251 572,263 (390,002) (85,221) (1,054) 27,152 0 (52,929) 70,209 591,448 (403,077) (88,173) (963) 29,480 0 (57,466) 71,250 608,582 (414,754) (91,319) (860) 32,007 0 (62,392) 71,264 623,438 (424,878) (94,677) (746) 34,750 0 (67,740) 70,148 635,815 (433,313) (98,262) (621) 37,729 0 (73,546) 67,801 T erminal Value FCF g WACC TV 44,310 949,018 11,150 937,868 4,502 208 50,091 4 9,824 4 8,906 4 7,385 4 5,313 4 2,748 39,748 36,372 32,680 645,540 (439,941) (102,096) (488) 40,963 0 (79,850) 64,128 1,077,714 511,640 # VALUE! # VALUE! (7,066) (35,084) #VALUE! #VALUE! #VALUE! (1,284) (38,092) #VALUE! #VALUE! #VALUE! (1,247) (41,357) #VALUE! #VALUE! #VALUE! (1,196) (44,902) #VALUE! #VALUE! #VALUE! (1,131) (48,750) #VALUE! #VALUE! #VALUE! (1,054) (52,929) #VALUE! #VALUE! #VALUE! (963) (57,466) #VALUE! #VALUE! #VALUE! (860) (62,392) #VALUE! #VALUE! #VALUE! (746) (67,740) #VALUE! #VALUE! #VALUE! (621) (73,546) #VALUE! Terminal Value FCF g WACC TV #VALUE! 1.53% 7.57% #VALUE! #VALUE! #VALUE! 11,150 #VALUE! 4,502 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! (488) (79,850) #VALUE! #VALUE! #VALUE! # VALUE! (35,084) #VALUE! #VALUE! (38,092) #VALUE! #VALUE! (41,357) #VALUE! #VALUE! (44,902) #VALUE! #VALUE! (48,750) #VALUE! #VALUE! (52,929) #VALUE! #VALUE! (57,466) #VALUE! #VALUE! (62,392) #VALUE! #VALUE! (67,740) #VALUE! #VALUE! (73,546) #VALUE! T erminal Value FCF g WACC TV #VALUE! 1.53% 7.57% #VALUE! #VALUE! #VALUE! 11,150.0 #VALUE! 4,502.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! - (430.0) (18,268.0) (7,628.0) - (595.0) (15,041.0) (330.0) (11,353.0) (170.0) (533.0) 525.0 682.0 504.0 3,397.0 532.0 7,905.0 (974.0) (26,941.0) (787.0) 10,140.0 (7,621.0) (270.0) (36,210.0) 727.0 (427.0) (8,058.0) (579.0) (38,345.0) 1,808.0 5,737.0 (8,023.0) - (8,498.0) - - (461.0) (44,027.0) (156.0) (27,283.0) (2,743.0) (2,544.0) 520.0 (20,744.0) (166.0) (26,924.0) (153.0) (2,868.0) PV Sum of PV Debt O/S DCF (to Equity) Shares O/S DCF per share (Target Price) (34,271.0) 7,655.0 (972.0) 1,987.0 (25,601.0) (9,020.0) (62.0) (28,256.0) - 1,149.0 6,762.0 6,051.5 6,590.9 432.0 (908.0) Mar-23-2000 RS REP 1,066.0 4,629.0 350.1 705.1 483.0 2,218.0 Mar-28-2001 RS REP 882.0 3,805.0 2,942.1 3,376.5 356.0 1,834.0 Mar-27-2002 NC REP 729.0 8,671.0 14,763.6 15,131.8 72.0 (5,705.0) Mar-26-2003 NC REP 562.0 9,855.0 10,870.6 11,053.8 1,434.0 (2,772.0) Mar-15-2004 NC REP 437.0 6,106.0 7,655.4 7,904.1 (743.0) (307.0) Feb-28-2005 NC REP 429.0 8,149.0 12,572.3 12,701.6 (243.0) (2,124.0) Apr-12-2006 NCA REP 328.0 13,510.0 20,554.5 20,953.3 408.0 (1,951.0) Feb-28-2007 NC REP 473.0 22,535.0 30,478.5 30,788.5 (2,010.0) (1,502.0) Feb-28-2008 NC REP 1,382.0 26,165.0 33,658.6 34,067.4 283.0 73.0 Apr-13-2009 NCA REP 555.0 26,342.0 40,062.6 40,312.6 (4,884.0) 598.0 Feb-26-2010 NC REP 650.0 33,941.0 36,694.6 37,115.3 (1,975.0) (527.0) Feb-28-2011 NCA REP 820.0 15,427.0 4,976.9 5,319.4 1,229.0 (153.0) Feb-24-2012 NC REP 703.0 18,941.0 18,591.3 18,753.1 (3,475.0) (6,210.0) Feb-27-2013 NC REP 557.0 27,254.0 22,439.0 22,593.4 (808.0) 1,957.0 Feb-27-2013 NC REP 555.0 24,349.0...
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This document was uploaded on 02/05/2014.

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