14. terminal value calculations assume the business has reached a steady state.
15. exit multiple: a. use a multiple of earnings in the final year to get enterprise value at the end of the forecast period. b. Choose the multiple carefully---the number reflects steady state growth and margins. c. exit multiple should nomally be lower than today's LTM multiple.
固定资产初额 + CAPEX - 折旧 = 固定资产末额
Net PP&E + CPAEX - D&A + Gain on disposal of an equity method investment = Net PP&E