VALUATION MODEL
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Company	Date
Constant Long-term	Projected Free Cash Flow		Value in today's dollars
WACC	Year 1		Value of the Firm
%	Year 2		less Interest Bearing Debt
ROIC	Year 3		Net Equity Value
%	Year 4		add Non-Operating Assets
Growth	Year 5		Gross Equity Value
%	Year 6		divide by number of shares
Final Yr NOPAT / FCF	Year 7		Equity Value per share
	Year 8
%	Year 9
	Year 10
	Year 11