Calculate either the FCF Value of Operations or the Dividend Valuation Intrinsic Share Price of the firm Apple, using five years of previous data, estimating a growth rate of dividends/FCF and calculating a horizon value. Alternatively, you may use projected future FCF or Dividend data from a cited finance source. (Remember: Growth rate cant be greater than WACC or cost of equity capital for the horizon value function to converge to a finite number. )

b) Propose a project for the firm with an initial negative cash flow equal to roughly 20% of its combined total annual investment, and positive cash flow over the next 5 years that are reasonable. You can estimate positive cash flow based on some broad market expectations and get full credit. Extra credit may be given if you can cite numbers the firm itself projects in its annual report etc. Use the WACC of the firm as your discount rate, and adjust it if this project is likely to be more, less or roughly the same riskiness as the rest of your firm. Use Excel to calculate NPV, IRR, MIRR, Payback period and Profit Index given this data. . Please provide your own calculations even if the annual report includes firm estimates. (15)