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