1. Name and describe some of the advantages/disadvantages of both the Discounted Cash Flow (DCF) and the Residual Operating Income (ROPI) valuation models.

2. Calculate the per share value of XCEL Company if the cumulative present value of horizon period FCFF is $8,000, the present value of terminal period FCFF is $6,200, and the book value of net non-operating obligations (NNO) is $2,400. The company has 200 shares outstanding.

3. Calculate the per share value of ZY Company if the cumulative present value of horizon period ROPI is $15,700, the present value of terminal ROPI is $20,500, the net operating assets (NOA) are $85,600, and net non-operating obligations (NNO) are $16,300. The company has 2,500 shares outstanding.