What is the Gordon Growth formula for the terminal value?

```
TV = FCF_terminal × (1+g) / (WACC − g)
```

• FCF_terminal: normalized FCF in the last forecast year
• g: perpetual growth rate (developed markets: 1.5–2.5%, capped at the nominal GDP rate)
• WACC: the discount rate

WACC > g (otherwise the denominator turns negative).

a g above inflation + real GDP implies perpetual market-share gains — unrealistic.