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  "notes": "This slide presents a series of algebraic derivations for corporate valuation formulas, specifically focusing on the relationship between ROIC, WACC, and growth.",
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      "text": "Mathematical equations 4 through 10",
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      "text": "Putting it Together",
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      "text": "Formula 3 above can be modified to apply to a growing annuity of cash flows which stops after n years:",
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      "text": "Equation 8 represents the value of cash flows in the growth period. Equation 7 can be used to value subsequent cash flows, although NOPLAT1 needs to be replaced by NOPLAT(n+1) and this ‘terminal value’ must be discounted to a present value. The overall value then becomes:",
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