520 The following table lists the income statement and Balance sheet for First American Furniture Company Income Statement 2017 2018 Balance Sheet 2017 2018 Revenue $516 $630 Current assets $350 $420 Depreciation 30 35 Prop plant & Equip 500 Other operating costs 400 480 Total assets $850 $940 Income before taxes 86 115 Current liabilities 130 150 Taxes 30 40 Long-term debt 50 80 Net Income 56 75 Total liabilities 5180 $230 Dividends 20 26 Shareholders' equity $490 5480 $0.56 Earnings per share $0.95 Total Land equity 5940 $850 Dividend per share $0.20 $0.26 Capital expenditures 45 50 # of Common shares 100 100 You are a financial analyst at RBC Using the data above, you want to determine the value of First American Bankstock using the Free Cash Flow to Equity (FCFE) model You believe that the company's FCFE will grow at 30% for three years and 10% thereafter. Capital expenditures depreciation working capital and debt are all expected to increase proportionately with FCFE. The required rate of retum on equity is 15% Calculate the amount of FCFE per share for the year 2018 ] Calculate Projected 2021 terminal value based on constant growth of 1051 Calculate the current value of a share of the stock based on the two-stage FCFE modelo