3. Compute EVA and MVA for Tiffany in 2020. Balance Sheet on January 31 (S millions) Inventory Acc Rec Other Cash Current Assets 2018 2,254 231 207 1,291 3,983 2019 2,428 245 231 855 2020 2,464 Inventory 240 Acc Rec 274 Other 897 Cash 3,876 Current Assets 3,760 NPPE Other F.A. Total F.A 1,027 547 991 494 1,485 5,468 2,202 NPPE 583 Other F.A. 2,785 Total F.A. 6,660 Total Assets 1,574 5,333 Total Assets S.T. Debt Accs Payable Other Total C.L. 121 202 403 725 113 217 388 718 351 S.T. Debt 261 Accs Payable 358 Other 970 Total C.L. 883 883 L.T. Debt Other 612 Total L.T. Common Eq Total L&E 1,495 3,248 5,468 601 1,484 3,131 884 L.T. Debt 1,470 Other 2,354 Total L.T. 3,335 Common Eq 6,660 Total L&E 5.333 Income Statement for Year Ending January 31 (5 millions) 2018 2019 2020 Revenues 4,170 4,442 4,424 Revenues Cost of sales 1,565 1,631 1,662 Cost of sales Gross profit 2,605 2,811 2,762 Gross profit SG&A 1,810 2,021 2,029 SG&A EBIT 790 733 EBIT Interest 42 40 39 Interest Other income 8 -7 Other income Taxable income 761 744 690 Taxable income Taxes 390 157 149 Taxes Net Income 370 586 541 Net Income 795 Shares o/s (million) 125 122 121 Additional Information Beta shares XCO Debt rating 0.95 BBB T-Bill rate 10-Year T-Bond AAA AA A BBB BB B CCC 0.75% 2.20% 3.24% 3.40% 3.75% 4.25% 5.20% 6.50% 9.27% Year end Share Price Depreciation 101.04 207 95.04 229 133.59 260 3. Compute EVA and MVA for Tiffany in 2020. Balance Sheet on January 31 (S millions) Inventory Acc Rec Other Cash Current Assets 2018 2,254 231 207 1,291 3,983 2019 2,428 245 231 855 2020 2,464 Inventory 240 Acc Rec 274 Other 897 Cash 3,876 Current Assets 3,760 NPPE Other F.A. Total F.A 1,027 547 991 494 1,485 5,468 2,202 NPPE 583 Other F.A. 2,785 Total F.A. 6,660 Total Assets 1,574 5,333 Total Assets S.T. Debt Accs Payable Other Total C.L. 121 202 403 725 113 217 388 718 351 S.T. Debt 261 Accs Payable 358 Other 970 Total C.L. 883 883 L.T. Debt Other 612 Total L.T. Common Eq Total L&E 1,495 3,248 5,468 601 1,484 3,131 884 L.T. Debt 1,470 Other 2,354 Total L.T. 3,335 Common Eq 6,660 Total L&E 5.333 Income Statement for Year Ending January 31 (5 millions) 2018 2019 2020 Revenues 4,170 4,442 4,424 Revenues Cost of sales 1,565 1,631 1,662 Cost of sales Gross profit 2,605 2,811 2,762 Gross profit SG&A 1,810 2,021 2,029 SG&A EBIT 790 733 EBIT Interest 42 40 39 Interest Other income 8 -7 Other income Taxable income 761 744 690 Taxable income Taxes 390 157 149 Taxes Net Income 370 586 541 Net Income 795 Shares o/s (million) 125 122 121 Additional Information Beta shares XCO Debt rating 0.95 BBB T-Bill rate 10-Year T-Bond AAA AA A BBB BB B CCC 0.75% 2.20% 3.24% 3.40% 3.75% 4.25% 5.20% 6.50% 9.27% Year end Share Price Depreciation 101.04 207 95.04 229 133.59 260