Question in Modeling Test

Hi All,

I was recently given a modeling test and struggled with one of the related questions. The model is very simple operating model that asks to forecast Levered Free Cash Flow. Typical operating model with Factory Expenditure, Debt Amort. and MACRS depreciation. My question is concerning a follow up question regarding how a buyer with taxable income from other unrelated businesses would value the project differently. If anyone has any insight into this or any suggestions for getting a better understanding it would be greatly appreciated.

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