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In this example using the Saito Solar case study, how would we calculate the free...

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Finance

In this example using the Saito Solar case study, how would we calculate the free cash flow?

We do not have CapEx, only change in CapEx.

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Exhibit TN1. Valuation of Saito Solar based on Mr. Valuation of Saito Solar based on Growing Perpetuity Projection Suzuki's Projection (millions of Yen, year ending June 30) (millions of Yen, year ending June 30) Total Firm Value Appendix 3. Saito Solar, Projected Profit \& Loss and Cash Flows (millions of Yen, year ending June 30)

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