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assume wacc is 9%. tax rate is 32.1%.
show the Free Cash Flow, Terminal Value and discounting calculations.
Exhibit 3 Mary Washington Pediatrics Atwood's Financial Forecast for Mary Washington Pediatrics (financial figures in thousands of US dollars) 2017 2016 0.5% 2018 5.0% 2019 5.0% 2020 5.0% 2021 3.0% 2022 3.0% 2023 2.0% 3.0% 70 Revenue growth Operating expenses/ revenue Net working capital Net equipment Depreciation Capital expenditures 57.4% 315.9 326.3 10.4 .4 4.1 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 1,766 1,682 959 2,007 1,064 998 Net revenue Operating expenses Depreciation Physician salary Operating profit 1,602 920 14 500 168 20 28 1,854 1,038 37 579 200 1,910 1,031 42 596 240 1,967 1,043 43 614 268 43 525 178 551 189 626 274
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