0

1

2

3

4

5

$\text{FCFF}_1$

$\text{FCFF}_2$

$\text{FCFF}_3$

$\text{FCFF}_4$

$\text{FCFF}_5$

$\text{TV}_5$

$\text{PV} = \frac{\text{TV}_5}{(1 + \text{WACC})^5}$