Question: Based on the free cash flow forecast, provided in Appendix 3 of the case, and assume a range of 9-11% WACC and 1-3% terminal value
T-Mobile 11:05 PM * 56%- Done Saito Solar Discounted Cash Flo... THUNDERBIRD LENA BooH FRANK TuEOLINO SAITO SOLAR-DISCOUNTED CASH FLow VALUATION in 2012, a bounique invesmest bank in Japan appeeached Me. Takuys Sana, elling the fim had crouwed On a late Novemb founder and CEO of Saio Solar, abous his isneres in welling the frm Exq his mind oxcasionally in the pas. Me Saito had nover serioly thoughe abour whe would be a potecial bue and how mach the fim could ealscally be old for He was escied abour he inserest showa by the imn bank, yet skaeptical about bow large the offer mighe be, in light of the he invised his two silst partnens, Me. K Sks and Mr. Shinj hs unsolicited proposal to gather in his ofice so disc Saito Solar and the Solar Energy Industry mn solar panel mandatne, founded by Mt Takuya Saitoin 2002. mpineer for Monanso Elecmonic Maserials Company(MEMasili-wae Saiso Solae is a privately owne Mr. Saito worked as an company, ?ght afax finang gradual" uchoal in the US In 2000, ahor "veval year. of diunal financial mults, MEMC w aquired by Teas Paciic Geoup, a private oquity hrm, for a symbolic dollar plan 5150 million of ovdia laes li was then tha M. Salno deided to num so his homeland Japan Me. Saito had always becn intrigued by, and was a big bekeva in, abemaive energy while he was in the U.S He wa particularly d a solar onergy and had spo many of his leie hours audying che variou aho showed that mos of the solar pancls in the weeld were made of cikher mone-crystaline or polyarysalline lako alled mle-crytalliac) licon slar cells, with thowe made of this-6im slar c accouncing for onlya helolar mrket Ma. Saito bedicvad Japan sesidencial and commercial propenis would use a loe mone solar cnergy if wola panels were durable and clective. Aher months of estemive indusery neseanch, he determined chat solar tive and would be very appealing in Japan, especially so sesidential customors The this-hlm solar pancels, whie deapro manufature, aw the ladkimt in peodaKing deanary." Thwy take up fou' tames a" mach qua a foe Japanese sesidesial cesomes dustry, he encousd many madblocks epecially from banks and finance companies,Ev though be had saved Me. Saiko spent the nest few months capital to art his company. As a newcomer to the sl in ome money during the 20 years he worked ar MEIC it was nos enough to san a solar panel manufacturing
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