calculate each yellow boxe 2023 2024E 2025E 2026E 2027E 2028E Revenue $ 10,000.0 Growth 15.0% 12.5% 10.0%

calculate each  yellow boxe

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2023 2024E 2025E 2026E 2027E 2028E Revenue $ 10,000.0 Growth 15.0% 12.5% 10.0% 7.5% 5.0% 2.5% EBIT 3,000.0 Margin 30.0% 31.0% 32.0% 33.0% 34.0% 35.0% NOPAT 2,370.0 Tax rate 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% D&A 1,000.0 % of CapEx 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% CapEx (2,000.0) Margin 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% Change in NWC (125.0) (120.0) (115.0) (110.0) (105.0) (100.0) FCFF Discount 0.5 1.5 2.5 3.5 4.5 PV of FCFF Terminal Value Calculation Multiple Method Terminal year EBITDA Exit EV/EBITDA multiple Terminal value PV of terminal value Enterprise Value and Equity Value Multiple Method Enterprise value Less: Debt Plus: Cash Equity Value Diluted shares outstanding Price per share Assumptions WACC 0.00% Perpetuity Method 10.0x Free cash flow to firm (2028) Terminal growth rate $ 2.50% Terminal value PV of terminal value (10,750.0) 1,425.0 850.0 Perpetuity Method Enterprise value Less: Debt Plus: Cash Equity Value Diluted shares outstanding Price per share (10,750.0) 1,425.0 850.0 2023 2024E 2025E 2026E 2027E 2028E Revenue $ 10,000.0 Growth 15.0% 12.5% 10.0% 7.5% 5.0% 2.5% EBIT 3,000.0 Margin 30.0% 31.0% 32.0% 33.0% 34.0% 35.0% NOPAT 2,370.0 Tax rate 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% D&A 1,000.0 % of CapEx 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% CapEx (2,000.0) Margin 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% Change in NWC (125.0) (120.0) (115.0) (110.0) (105.0) (100.0) FCFF Discount 0.5 1.5 2.5 3.5 4.5 PV of FCFF Terminal Value Calculation Multiple Method Terminal year EBITDA Exit EV/EBITDA multiple Terminal value PV of terminal value Enterprise Value and Equity Value Multiple Method Enterprise value Less: Debt Plus: Cash Equity Value Diluted shares outstanding Price per share Assumptions WACC 0.00% Perpetuity Method 10.0x Free cash flow to firm (2028) Terminal growth rate $ 2.50% Terminal value PV of terminal value (10,750.0) 1,425.0 850.0 Perpetuity Method Enterprise value Less: Debt Plus: Cash Equity Value Diluted shares outstanding Price per share (10,750.0) 1,425.0 850.0