| EXHIBIT 10.20 VidCo: Key Financial Figures |
| $ million |
| | | Discounted | Prior-year | Interest | Interest | Marginal | Interest |
| Forecast year | FCF | FCF | debt | rate, % | payment | tax rate, % | tax shield (ITS) | Discounted ITS |
| 1 | 100.0 | | 1,000.0 | 8.0% | | 35.0% |
| 2 | 105.0 | | 1,040.0 | 8.0% | | 35.0% |
| 3 | 110.3 | | 1,081.6 | 8.0% | | 35.0% |
| 4 | 115.8 | | 1,124.9 | 8.0% | | 35.0% |
| 5 | 121.6 | | 1,169.9 | 8.0% | | 35.0% |
| 6 | 127.6 | | 1,216.7 | 8.0% | | 35.0% |
| 7 | 134.0 | | 1,265.3 | 8.0% | | 35.0% |
| 8 | 140.7 | | 1,315.9 | 8.0% | | 35.0% |
| 9 | 147.7 | | 1,368.6 | 8.0% | | 35.0% |
| 10 | 155.1 | | 1,423.3 | 8.0% | | 35.0% |
| Continuing value | | | 1,480.2 | 8.0% | | Continuing value |
| Sum of discounted FCFs | | | | | | | Sum of discounted ITSs |
| Marginal tax rate, % | 35.00% |
| Unlevered cost of equity, % | 10.00% | | | | | | PV of FCF and ITS |
| | | | | | | | Midyear adjustment factor |
| | | | | | | | Value of operations |
| Growth rate in FCFs | 5.00% |
| Growth rate in Debt | 4.00% |
| Interest Rate on Debt | 8.00% |
Michelle_Michy
attachment_11.xlsx
