Inputs

Book Value of Equity = Estimated ROE = Capital Expenditures = Depreciation = Current Revenues = Non-cash WC as % of revenue = 1795 5.25% 103 76 2593 8.48%

Debt outstanding = Market Value of Equity = Debt/(Debt +Equity) = Bottom-up Beta = Riskfree Rate = Market Risk Premium =Expected long term growth =

Market Value Book Value 624 624 9306 1795 6.28% 25.80% 1.10 2.00% 4.00% 3%

Output
Estimated FCFE Net Income next year = (Net Cap Ex) (1-DR) = (chg WC) (1-DR) = FCFE Cost of Equity = 94.24 20.64 4.89 68.71 6.40%

Value of Equity =

2020.775