Calculate Operating Cash Flow based on revenue, cost, EBITDA, and change in working capital:

(2/9)

Calculate Investment Cash Flow based on reinvestments and strategic investments:

(3/9)

Add up OCF and ICF to get Free Cash Flow to Firm (FCFF):

(4/9)

Calculate Terminal Value (TV) and add it to the last column of FCFF:

(5/9)

Calculate Discount Rate, which in this case is just WACC.

Vinci's WACC ➡️ 6.45%.

(6/9)