Based on Exhibits 8 and 9 (posted below) calculate bullish valuation, and one having a bearish valuation

Your rows should be: revenue growth (2011-2015); operating margin (2011-2015); NWC turnover (2011-2015); FA (Fixed Assets) turnover (2011-2015); WACC (1 value); tax rate (1 value); revenues (2011-2015); EBIT (2011-2015), NWC (2011-2015); Fixed Assets (2011-2015); ROC (2011-2015); NOPAT (2011-201)-delta NWC (the change in net working capital from last year (2012-2015)), -delta FA (the change in fixed assets from last year (2012-2015)), and the sum of the 3 previous lines should be your FCF (we focus on the firm-wide FCF).

The following formula might help: firm-wide FCF = NOPAT - delta NWC - delta FA. Come up with a plausible terminal value, discount to time zero and sum. Subtract the debt, divide by the number of shares outstanding, and that will give you your implied price. Compare it to the current market price.

Exhibit 8 American Greetings Financial Forecast Assumptions Historical Market Risk Premium Equity Market Index Less Government Debt 5.5% Exhibit 8 American Greetings Financial Forecast Assumptions Historical Market Risk Premium Equity Market Index Less Government Debt 5.5%