What is the impact of an increase in deferred tax liabilities of $20m per year on unlevered FCFs? Adjust UFCF up by $20m in each projected year. The terminal value (undiscounted) shouldn't be modified. Net debt should be increased by the projected cumulative Tax liability. Adjust UFCF down by $20m in each projected year. The terminal value and net debt do not need to be modified. Adjust UFCF down by $20m in each projected year. The terminal value (undiscounted) should be decreased by the projected cumulative Tax liability. Net debt shouldn't be modified. Adjust UFCF up by $20m in each projected year. The terminal value and net debt do not need to be modified. Adjust UFCF down by $20m in each projected year. The terminal value should not be changed. Net debt should be increased by the present value of DTLs

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It seems like you are describing different scenarios and their impact on unlevered free cash flows U... View the full answer