Please determine the enterprise value and the 5 different terminal values (orange cells)

Exhibit 3 Mary Washington Pediatrics Atwood's Financial Forecast for Mary Washington Pediatrics (financial figures in thousands of US dollars) 2020 2016 0.5% 2017 3.0% 2018 5.0% 2019 5.0% 2021 3.0% 2022 3.0% 2023 2.0% 5.0% Revenue growth Operating expenses/ revenue Net working capital Net equipment Depreciation Capital expenditures 57.4% 315.9 326.3 10.4 57.4% 272.1 375.1 14.0 62.8 57.0% 214.2 415.1 20.0 60.0 56.5% 176.5 455.1 28.0 68.0 56.0% 181.9 475.1 37.0 57.0 54.0% 185.5 498.2 42.0 65.1 53.0% 189.2 484.2 42.9 28.9 53.0% 193.0 464.6 42.9 23.3 1,555 1,602 1,854 1,682 959 1,766 998 1.910 1,031 1,967 1,043 893 2,007 1,064 920 Net revenue Operating expenses Depreciation Physician salary Operating profil 1,038 37 14.0 20 42 43 43 10.4 485.44 500 525 579 614 596 240 166 168 178 268 Source: Created by author. DCF Valuation 9% Discount Rate Tax Ratc Term Growth Rate (cxp. Infi: 32% 1.50% 10.4 Net Working Capital (NWC) Turnover Equipment Turnover Capex 10.3 3,8 65.1 62.8 182 186 44 4 NOPAT - Change in NWC - Change in net equipment Free Cash Flows 29 149 2273 2423 159 Free cash flow + terminal value Enterprise value Terminal Value (constant growth of 1.5%) Terminal Value (no growth) Terminal Value (EBIT multiple = 1.5) Terminal Value (book value) Terminal Value 2273 Exhibit 3 Mary Washington Pediatrics Atwood's Financial Forecast for Mary Washington Pediatrics (financial figures in thousands of US dollars) 2020 2016 0.5% 2017 3.0% 2018 5.0% 2019 5.0% 2021 3.0% 2022 3.0% 2023 2.0% 5.0% Revenue growth Operating expenses/ revenue Net working capital Net equipment Depreciation Capital expenditures 57.4% 315.9 326.3 10.4 57.4% 272.1 375.1 14.0 62.8 57.0% 214.2 415.1 20.0 60.0 56.5% 176.5 455.1 28.0 68.0 56.0% 181.9 475.1 37.0 57.0 54.0% 185.5 498.2 42.0 65.1 53.0% 189.2 484.2 42.9 28.9 53.0% 193.0 464.6 42.9 23.3 1,555 1,602 1,854 1,682 959 1,766 998 1.910 1,031 1,967 1,043 893 2,007 1,064 920 Net revenue Operating expenses Depreciation Physician salary Operating profil 1,038 37 14.0 20 42 43 43 10.4 485.44 500 525 579 614 596 240 166 168 178 268 Source: Created by author. DCF Valuation 9% Discount Rate Tax Ratc Term Growth Rate (cxp. Infi: 32% 1.50% 10.4 Net Working Capital (NWC) Turnover Equipment Turnover Capex 10.3 3,8 65.1 62.8 182 186 44 4 NOPAT - Change in NWC - Change in net equipment Free Cash Flows 29 149 2273 2423 159 Free cash flow + terminal value Enterprise value Terminal Value (constant growth of 1.5%) Terminal Value (no growth) Terminal Value (EBIT multiple = 1.5) Terminal Value (book value) Terminal Value 2273