This spreadsheet shows how to estimate the enterprise value of a company by discounting free cash flow. One of the issues is to how to compute a terminal value at the end of the explicit forecast period. One approach is to assume a constant growth rate for cash flows after the explicit forecast period. The growth rate is driven by the Return on Incremental Investment and the Plowback Rate. The per-share value of the firm is computed from the enterprise value by adding marketable securities, subtracting debt, and dividing by the number of shares outstanding.