35 points Suppose today is December 31, 2021, and 2021 has just ended; you have the sales revenue for 2021 and have forecasted the sales revenue for the next four years. Terrapin Industries has 75 million outstanding shares, $110 million in debt, $60 million in cash (in excess of working capital needs), and the following projected sales forecast for years 1, 2, 3 and 4. After year 4 free cash flows are projected to grow at a constant 3% forever. All dollar amounts are in millions; the share amount is in millions of shares. $400.00 million 6% 3% 9% 18% 14% Sales in 2021 Sales growth in 2022-2025 Long run growth rate Cost of capital EBIT as % of sales Net working capital as a % of sales Net working capital in year 2021 Depreciation = $7 million each year Capital Expenditure = $7.1 million each year Cash (in excess of its working capital needs) at the end of 2021 Cash forecast at the end of 2025 Interest bearing debt at the end of 2021 Debt forecast at the end of 2025 Shares outstanding (in millions) Income Tax rate $56.00 million $7.00 million $7.10 million $60.00 million $70.00 million $110.00 million $130.00 million 75 million 32% Using the DCF method, estimate the price of the stock of Terrapins company as of today Year Sales & forecasted Sales 2021 400.00 2022 424.00 2023 449.44 2024 476.41 2025 504.99