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December 10, 2014
Title
All of the inflow values are in millions of £.
The cost of the merger
is -25,363€ ; the NPV
of the synergy gains is
€ 9,753.
Year 2003
807
Year 2004
1,060
Year 2005
1,263
Year 2006(includes
terminal valueOf 28,433)
29,908
Year 2001
119
Year 2002
307
Discounting by the WACC (7.54%), the
NPV (of the value inflows) is
22,032
This equals 35,116 Euros
(£/Euro rate of 12/17)
(Used an HP17)
NPV CALCULATION Mota, Flavio
Exhibit Two