To calculate our DCF including synergies, we should do come synergy comps i.e see what synergies have been achieved in similar deals I don't have that available to me, so I'm going to make up some figures. I'm going to assume 4-6% of last 12 months sales Is what has been achieved in some recent deals So I can calculate that figure, I go off to my Tumi 1 tab. I'm going to find last 12 months sales 555.5 and I'll multiply that by 4% and copy it to the right and change it to 6% Fantastic! So that's given me a cost saving and it's going to improve my EBIT I want to find my last 12 month Tumi EBIT multiple And if I can multiply that figure by the multiple then that will give me an increase in my EV So again, off to my Tumi 1 tab And I can find last 12 months, EV/EBITD was 12.8 So 12.8 in both columns I can now calculate that increase in EV The synergies multiplied by that multiple, increase in EV What I now want to do is compare that to my unadjusted EV And I've got that at the bottom of the free cash flow tab, so go to my free cash flows And I can see the second of two data tables, this ones looking at my EV When WACC is adjusted and when long term growth is adjusted I want to use the same two assumptions I used when I Iooked at DCF without synergies So that's when long term growth was 1.8% up to 2.2%, and when my WAC was 7.05% to 6.65% So that means I am linking to two different figures here, an EV of 1,285.54 And an EV of 1,498.35. Again I'm going to hard code those in, so 1,285.85 and 1,498.4 I can now calculate my adjusted EV Being the sum of the two items above And now I can go over my EV equity bridge So I'll steal my headings from further up the page And some of my numbers too So my implied equity value is EV, I add on the financial assets, subtract off the financial liabilities I've now got implied equity value I can then divide that by our shares outstanding, right up near the top To now get a new valuation range, between 24.38 and 29.59. That's my DCF with synergies valuation range