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		DCF VALUATION
		Discounted Cash Flow Analysis | Enterprise to Equity Bridge
			Year 1	Year 2	Year 3	Year 4	Year 5
		Free Cash Flow to Firm (FCFF)
		EBIT	281	312	344	378	409
		(-) Tax on EBIT	(70)	(78)	(86)	(94)	(102)
		NOPAT (Net Operating Profit After Tax)	211	234	258	283	306
		(+) Depreciation & Amortization	85	86	87	88	89
		(-) Capital Expenditures	(95)	(97)	(97)	(98)	(96)
		(-) Change in Net Working Capital	(11)	(2)	2	(2)	(3)
		Unlevered Free Cash Flow (UFCF)	189	220	251	272	297
		Discount Factors
		WACC	10.56%	10.56%	10.56%	10.56%	10.56%
		Discount Period	0.5	1.5	2.5	3.5	4.5
		Discount Factor	0.9510	0.8602	0.7780	0.7037	0.6365
		PV of Free Cash Flow	180	189	195	191	189
		Terminal Value
		Method		Perpetuity Growth
		Terminal Growth Rate		2.5%
		Terminal Year FCFF (Year 5 × (1+g))		304
		TV (Perpetuity Growth) = FCFF/(WACC-g)		3,777
		Exit EV/EBITDA Multiple		8.0x
		Terminal Year EBITDA		498
		TV (Exit Multiple) = EBITDA × Multiple		3,982
		Selected Terminal Value		3,777
		PV of Terminal Value		2,404
		Terminal Value as % of EV		71.8%
		Enterprise Value Bridge
		Enterprise Value (EV)		3,348
		Sum of PV of FCFs		945
		(-) Net Debt		(380)
		(-) Minority Interest / Other		-
		Equity Value		2,968
		Shares Outstanding (mm)		100.0
		Implied Share Price		$29.68
		Current Share Price		$22.00
		Upside / (Downside)		34.9%
		Note: Mid-year convention applied per Assumptions. Terminal value uses selected method (Perpetuity Growth or Exit Multiple).