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QUESTION
Use the DCF Valuation spreadsheet provided and complete the following: · Estimate earningso Updating, cleaning, and normalizing earningso Estimate capital expenditures and working capitalo
Use the DCF Valuation spreadsheet provided and complete the following:
· Estimate earnings
o Updating, cleaning, and normalizing earnings
o Estimate capital expenditures and working capital
o Tax rate
· Estimate future growth of cash flows for Ambev
o Historical growth
o Analysts and management estimates
o Fundamental growth
