Working Captial Question

You need to invest (i.e. buy using cash) in net working capital to generate the growth in revenue you are assuming. Think in simple terms, if you project to sell more cars, you first need to buy more inventory (i.e. inventory as one form of working capital assets go up and consume op cash). Similarly if you are selling more cars but on credit, that will lead to higher trade receivables balance until cash is collected.

What matters for DCF purpose is the operating cash flow impact from change in net working capital. Think in terms of the business model / fundamentals, how cyclical different working capital items are relative to their respective drivers, e.g. revenue for receivables, inventories, COGS for payables, etc. To the extent working capital days are relatively stable, when you grow the business, you should expect to see net cash outflows as a result of increase in net working capital. This will partially offset the higher earnings which drive your gross operating cash flow. Hence net net, you should still expect higher FCF for DCF calculation.

Hope above offers some clarity.