Need help with the Terminal Value formulas and the PV Formulas.

Forecast 2023 Revenue growth Operating expenses / Revenue Net working capital Net equipment Depreciation Capital expenditures Actual 2016 0.5% 57.4% 315.9 326.3 10.4 4.1 Forecast 2017 3.0% 57.4% 272.1 375.1 14.0 62.8 Forecast Forecast Forecast Forecast Forecast 2018 2019 2020 2021 2022 5.0% 5.0% 5.0% 3.0% 3.0% 57.0% 56.5% 56.0% 54.0% 53.0% 214.2 176.5 181.9 185.5 189.2 415.1 455.1 475.1 498.2 484.2 20.0 28.0 37.0 42.0 42.9 60.0 68.0 57.0 65.1 28.9 2.0% 53.0% 193.0 464.6 42.9 23.3 Net revenue Operating expenses Depreciation Physician salary Operating profit 1,555.0 893.0 10.0 496.0 155.0 1,602 920 14 500 168 1,682 959 20 525 178 1,766 998 28 551 189 1,854 1,038 37 579 200 1,910 1,031 42 596 240 1,967 1,043 43 614 268 2,007 1,064 43 626 274 DCF Valuation: Assumptions: Discount rate Tax rate Terminal growth rate (expected inflation) Warranted EBIT multiple at terminal date Net working capital (NWC) turnover Equipment turnover 9.00% 32.00% 1.50% 10.5 4.9 4.8 5.9 4.3 7.9 4.1 10.0 3.9 10.2 3.9 10.3 3.8 10.4 4.1 10.4 4.3 NOPAT = EBIT *(1-T) Depreciation Capital expenditures Investment in NWC Free Cash Flow $105.40 10.0 4.1 0.0 $111.30 1 2 3 4 5 6 2017 2018 2019 2020 2021 2022 $114.24 $121.04 $128.52 $136.00 $163.20 $182.24 14.0 20.0 28.0 37.0 42.0 43.0 62.8 60.0 68.0 57.0 65.1 28.9 -43.8 -57.9 -37.7 5.4 3.6 3.7 $109.24 $138.94 $126.22 $110.60 $136.50 $192.64 7 2023 $186.32 43.0 23.3 3.8 $202.22 Terminal value (constant growth assumption) Terminal value (no growth assumption) Terminal value (EBIT multiple) Terminal value = Book value $2,736.7 $2,246.9 $2,123.3 $2,696.3 Present value of forecast period Present value of terminal value Fair market value of firm $707.18 $1,229.1 $1,936.3