1. Free Cash Flow to FirmProjected Avalible Dataparticulars201612201512201412201312 201212201112201012 200912200812 200712200612EBIT(1-t) 232.2685428 224.4535497 217.0332259 209.254361 200.55597 192.46231 165.08046 131.3066 46.022361.439141.035Net Capital Expenditure and WorkingCapital -22.07-16.83-1.6322.87 28.24 21.64 -5.4911.51 67.11 62.9 32.41Calculation of Growth Rate(R.R*ROC) 4.50% 4.50%4.50%5.00% 6.00% 6.00% 6.00%8.24%0.05342 0.111828 0.1677991) ROC 10.00%10.00% 10.00% 10.00%10.00%10.00%10.00% 10.98% 0.036258 0.093747 0.228219EBIT(1-T) 232.27224.45 217.03 209.25200.56192.46165.08 131.31 46.022361.439 141.035Book Value of Equity&Debt 1529.319701 1434.6388141343.07329 1254.7762291170.13871066.055957.20881195.41 1269.3 655.37 617.982) Reinvestment Rate 0.450.450.45 0.500.600.600.60 0.75 1.473326 1.192869 0.735254Capex100.50 97.19104.13 119.78114.97 98.60 63.0911.51 67.11 62.932.41Change in WC 0.000.000.00 0.000.000.000.00 0.00 000EBIT(1-T)232.27224.45217.03 209.25200.56192.46165.08 131.31 46.0223 61.439 141.035FCFF 210.20207.62215.40 232.12228.80214.10159.59 142.82WACC 0.110.110.11 0.110.110.110.11 0.11Present value104.20113.77130.48 155.44169.37158.49130.60 129.19Firm Value in Corrosponding year3523.74 3377.74 3243.353128.81 3025.20 2943.59 2856.472777.66Share Price 1316.42 1261.88 1211.671168.88 1130.17 1099.69 1067.141037.70Expected P/E15.25 15.12 15.0215.02 15.15 15.36 17.3810.40Terminal Value ( 7 years high growth) 1746.72Terminal Value ( 4 years high growth) 2605.75Firm Value 3348.84Equity Value 3348.84 Considering 4Equity 1445000000 Years of HighFace Value 5 Growth phaseNo of Shares 26767583Price Per Share 1251.081796