	Trailing Twelve Months (TTM) or Most Recent Fiscal Year	Prior Fiscal Year	2nd Previous Fiscal Year	3rd Previous Fiscal Year	4th Previous Fiscal Year
Historical Normalized EBITDA
Weighting - picked by Valuator (must equal 100%)
	Weightings Do not Equal 100%

Expected Normalized EBITDA - based on chosen weightings

less taxes at X%

less: Annual Capital Expenditures (enter as negative, if applicable)

add: Tax Savings on writing off annual Capital Expenditures (usually around 10%)

Normalized Annual Cash Flows

Prime Rate as at the Valuation Date

Plus Borrowing Premium

Cost of Debt before Tax

less tax savings at weighted average tax rate of X%

After Tax Cost of Debt

Debt Portion of Capital

Weighted Average Cost of Debt

Risk-Free Rate as at Valuation Date

Equity Risk Premium as at Valuation Date

Industry Premium as at Valuation Date (optional - not always applicable or available)

Company Specific Risk Premium ('CSR')

Cost of Equity

Equity Portion of Capital

Weighted Average Cost of Debt

Weighted Average Cost of Capital (WACC)

less: expected inflationary growth %

less: expected real growth %

WACC net of growth

Cash Flow Multiple

Normalized Annual Cash Flows from Step 1

multipiled by Cash Flow Multiple from Step 2

Value of Capitalized Cash Flows

plus: Present Value of existing Tax Capital Cost Balances (if applicable)

Enterprise Value