For Company ABC,the projected cash flow components (in $mil) for the next five years are as follows.

For Company ABC,the projected cash flow components (in $mil) for the next five years are as follows. WACC is 6% and the growth rate is projected to be 3% for free cash flows during the horizon period after 2022. 2018 2019 2020 2021 2022 EBIT 4.3 4.1 4.8 5.11 5.3 Depreciation 1.1 1 1.5 1.6 1.9 Tax 1.29 1.23 1.44 1.53 1.59 Net Capital Spending 0.80 0.90 1.20 1.16 1.20 Change in NWC 0.25 0.45 0.35 0.55 1.05 Using mid-year convention method:

Q9. What is PV of free cash flows between 2018 and 2022?

Q10. What is PV of terminal value based on perpetual growth approach?

Q11. If EBITDA exit multiple in 2021 is 15.2x, what is the PV of terminal value of ABC company based on EBITDA exit multiple?

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