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Table 10 Mega metallurgy power valuation (in dollars)

From: Impact of the Clean Development Mechanism on wind energy investments in Turkey

MMP discounted cash flow valuation ($) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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