1992	1993	1994	1995	1996	1997	1998	1999
Revenue		400,000	600,000	900,000	1,200,000	1,500,000	1,600,000	1,600,000
Operating Profit		54000	81000	121500	162000	202500	216000	216000
Taxes		21600	32400	48600	64800	81000	86400	86400
Net Operating Profit After Taxes (NOPAT)		32400	48600	72900	97200	121500	129600	129600
Add Back Depreciation		5,000	11,000	20,000	45,000	70,000	70,000	70,000
EBIT		37,400	59,600	92,900	142,200	191,500	199,600	199,600
Automobiles and Trucks		39,522	39,522	39,522	39,522	39,522	39,522	39,522
Capital Expenditures		25,000	30,000	40,000	60,000	60,000	70,000	70,000
Test Marketing	20000
Change in NWC		8450	33,800	50,700	50,700	50,700	16,900	0
Net Cash Flows Before Terminal Value	20000	-18,672	23,878	64,078	93,378	142,678	106,978	129,600
Terminal Value
assuming perpetuity							648000
Net Cash Flows	20000	-18,672	23,878	64,078	93,378	142,678	754,978
Required Return		20%
PV of CFs		$373,315.64
Operating Profit Pct.		13.50%
Tax Rate		40%
NWC Increment		16.90%

Review the Excel spreadsheet provided by the instructor that contains an estimate of the value of Fabricare. Identify and explain any possible improvements for the spreadsheet.