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5. Antares Industries has 8 million outstanding shares of common stock, $75 million in debt, $25 million in excess cash, and the following financial


 

5. Antares Industries has 8 million outstanding shares of common stock, $75 million in debt, $25 million in excess cash, and the following financial forecast for the next four years (all figures in millions of US$). Current time is t-0 and column 1 shown below is at t=1 years. Year Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Depreciation EBIT Other items: Capital Expenditures Increase in NWC 1 280.00 182.00 98.00 56.00 6.30 35.70 8.40 5.40 2 308.00 200.20 107.80 61.60 6.93 39.27 9.24 5.04 3 332.64 216.22 116.42 66.53 7.48 42.41 9.98 4.44 4 352.60 229.19 123.41 70.52 7.93 44.96 10.58 3.59 The tax rate is 21%. Calculate all necessary free cash flows (FCFs) based on the information given. Assume that Antares' free cash flows are expected to grow at a 4% rate forever beyond year 4. If Antares' weighted average cost of capital or WACC is 9.0%, what is the value of Antares' common stock per share based on this information?

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