Fixed Assets (2019) 2400

Sales (2019) 6200

Other info.
Cash operating cost 70% of Sales
Depreciation 10% of Fixed Asset
Sales growth rate 6%
Tax rate 30%
Operating working capital 10% of sales
Volume of Debt 1,250
Number of Common Shares 150
Terminal Growth rate of FCFF is 4%. WACC is 11%
The firm is running in full capacity.

Forecasts
2019 Actual 2020 2021
Sales 6200 6,572.00 6,966.32
Fixed Asset 2400 2,544.00 2,696.64
Increase in FA 144.00 152.64
Operating WC 620 657.20 696.63
Increase in Operating WC 37.20 39.43
Depreciation 240 254.40 269.66

2019 2020 2021

Net sales $6,200.00 $6,572.00 $6,966.32
(-) Cash Operating Cost $4,340.00 $4,600.40 $4,876.42
(-) Depreciation $240.00 $254.40 $269.66
EBIT $1,620.00 $1,717.20 $1,820.23
(-) Tax (30%) $486.00 $515.16 $546.07
NOPAT $1,134.00 $1,202.04 $1,274.16
+ Depreciation $240.00 $254.40 $269.66
(-)Increase in Operating WC 37.20 39.43
(-) Invest. in Fixed Assets 144.00 152.64
FCFF $1,374 $1,275.24 $1,351.75
+ Terminal Value
FCFF $1,275.24 $1,351.75
Note: Terminal Growth of FCFF 4%
PV of FCFF $19,444.62
+ Surplus Cash & Marketable securities 0
FIRM VALUE $19,444.62
(-) Value of Debt 1,250
(-) Value of Preferred Stock 0
Value of Equity $18,194.62
Number of Shares 150
Value per Share 121.30
2022 2023 2024
7,384.30 7,827.36 8,297.00
2,858.44 3,029.94 3,211.74
161.80 171.51 181.80
738.43 782.74 829.70
41.80 44.31 46.96
285.84 302.99 321.17

2022 2023 2024

$7,384.30 $7,827.36 $8,297.00
$5,169.01 $5,479.15 $5,807.90 FCFF
$285.84 $302.99 $321.17 Terminal Value= FCFF*(1+g)/(WACC-g)
$1,929.45 $2,045.21 $2,167.93
$578.83 $613.56 $650.38
$1,350.61 $1,431.65 $1,517.55
$285.84 $302.99 $321.17
41.80 44.31 46.96
161.80 171.51 181.80
$1,432.86 $1,518.83 $1,609.96
$23,919.422
$1,432.86 $1,518.83 $25,529.38
 23919.42233156
1+g)/(WACC-g)