Table 10 Mega metallurgy power valuation (in dollars)

W _e

22%

25%

29%

34%

39%

46%

53%

62%

73%

86%

W _d

78%

75%

71%

66%

61%

54%

47%

38%

27%

14%

K _d

6%

6%

6%

6%

6%

6%

6%

6%

5%

5%

WACC

6%

6%

7%

7%

7%

8%

8%

9%

9%

10%

EBITDA

0

5,376,045

5,376,045

5,376,045

5,376,045

5,376,045

5,376,045

5,376,045

5,376,045

5,376,045

Non-cash working capital change

0

−345,746

0

0

0

0

0

0

0

0

Tax

0

0

0

0

−29,988

−320,975

−347,839

−375,822

−404,828

−435,329

Free cash flow

-

5,030,299

5,376,045

5,376,045

5,346,057

5,055,071

5,028,207

5,000,223

4,971,217

4,940,716

Discount factor

-

1.06

1.13

1.21

1.30

1.39

1.50

1.63

1.78

1.96

Present value

-

4,733,763

4,750,119

4,447,802

4,128,026

3,630,450

3,344,706

3,065,080

2,790,739

2,520,549

Sum of present values

21,690,159

Terminal growth rate

1%

Terminal value

78,347,787

Terminal value present value

56,267,802

Firm value

77,957,961

Net cash position

−9,342,555

Discounted cash flow value

68,615,406