A Morgan Stanley analyst produced the financial forecasts provided in the Snap Supplemental Workbook shortly after the offering. The analyst assumed a WACC of $9\mathrm{.}7\%$ and $1,404$ shares outstanding. Under these assumptions, what would be the discounted cash flow $($DCF$)$ estimate of Snap stock's fair market value on a per share basis? $1.$ How sensitive is this estimate of Snap's stock price to assumptions about growth and WACC? $2.$ Do these assumptions and forecasts appear reasonable? What data would you use to asses that? $3.$ Analyze Snap's DCF value under various alternative assumptions of your own $4.$ What important changes would you make to the forecasts provided in the Snap Supplemental Workbook, if any? $5.$ What discount rate would you recommend using in this DCF analysis? Assume a longterm government bond rate of $3\mathrm{.}16\%.6.|$ How, in particular, would you deal with the uncertainty associated with Snap's future growth?

$\backslash$table$[[$Snap DCF Analyeis,$3014,2115,$amb,MnFe,Mnse,mine,Brane,s$21$:$,$MIMAF,M$23$E$,2024$E$,2025$E$,$Terminal Year$],[$Net newerue,,$35\mathrm{.}7,4004,967,19497,3284,,$Gen$3,9\mathrm{.}6\mathrm{.}5,1168\mathrm{.}3,10130\mathrm{.}6,1646\mathrm{.}9,1718\mathrm{.}8],[$S dasege $\frac{Y}{Y},,,389\mathrm{.}505,130\mathrm{.}3$es$,105\mathrm{.}005,6\mathrm{.}208,50\mathrm{.}505,40\mathrm{.}905,3\mathrm{.}005,25\mathrm{.}605,21\mathrm{.}40\%,17\mathrm{.}30x,3\mathrm{.}50\%$