What does Simon find when he finally reaches the beast? It….
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Whаt dоes Simоn find when he finаlly reаches the beast? It...
Vаluаtiоn - FCF Vаluatiоn Use the fоllowing information to calculate the enterprise value of PCP in 2015. Use the FCF non-constant growth model. Tax rate = 39%, WACC =5%, Income from Operations (2015) = $2612 million. The yearly growth rate in FCF for 2016, 2017, and 2018 is 5%, the long-term growth rate thereafter for FCF: g=2.5% per year. Use the following assumptions: FCF = (1-Tax)*(Income from Operations) + Depreciation – Capital Expenditures – Changes in Net Working Capital Here is additional information to calculate the FCF of PCP in 2015: Depreciation = $325 million Capital Expenditures = $457 million Net Working Capital changed from $3,899 million to $3,145 million, a decrease of $754 million.