a. Free Cash Flow
CO
Y1
Investment in
fixed assets
Sales
NOPAT
Depreciation
Working Capital
Delta WC
Interest expense
Free Cash Flow
Y2
Y3
3.000.000
3.000.000
280.231
833.333
660.000
60.000
100.000
796.458
600.000
600.000
-3.600.000
3.300.000
197.938
833.333
726.000
66.000
100.000
865.271
3.630.000
280,232
833.333
726.000
726.000
100.000
287.565
b. Weighted Average Cost of Capital (WACC)
Invested Capital
Investment in Fixed Assets
Investment in WC
Total Investment
3.000.000
600.000
3.600.000
Debt/Investment
Equity
55%
44%
Cost of Equity
Cost of Debt
WACC
5,9%
2,1%
8%
c. NPV
CO
Free Cash Flow
Discount multiplier
Discounted FCF
NPV
Y1
-3.600.000
-3.600.000
-1.891.083
Y2
796.458
0,926355
737.803
Y3
865.271
0,858133
742.518
287.565
0,794936
228.596