calculating the discounted cash flow method for 2024. Assume the discount of 10% and growth rate of 3%. 

 

		Actual	Projected
Account Description/Year	2021	2022	2023	2024	2025	2026
Cash	25,141	25,639	32,977	34,000	50,000	32,000
Accounts Receivable	272,450	312,776	368,267	420,000	480,000	570,000
Prepaids	3,982	4,402	5,037	5,250	5,500	5,750
Inventories	183,722	208,623	222,128	260,000	300,000	400,000
Property & Equipment (net)	47,578	49,931	55,311	62,000	78,000	91,500
Other Assets	18,750	20,750	23,750	26,000	36,250	40,000
Total Assets	551,623	622,121	707,470	807,250	949,750	1,139,250
Accounts Payable	49,831	64,321	70,853	81,000	95,000	80,000
Accrued Expenses	86,087	102,650	113,732	132,000	143,000	156,000
Notes Payable	99,539	118,305	182,132	245,000	240,000	390,000
Long-term Debt	62,622	43,251	35,407	32,000	128,000	127,000
Deferred Taxes Payable	7,551	7,941	8,286	8,500	9,500	12,000
Other Liabilities	5,279	5,521	5,697	5,500	5,250	4,750
Total Liabilities	310,909	341,989	416,107	504,000	620,750	769,750
Common Stock	73,253	102,542	102,542	106,550	110,288	115,896
Retained Earnings	167,461	177,590	188,821	196,700	218,712	253,604
Total equity	240,714	280,132	291,363	303,250	329,000	369,500
Net Sales	982,250	1,095,000	1,214,500	1,275,000	1,380,000	1,670,000
Cost of Goods Sold	669,560	739,459	817,671	840,000	930,000	1,125,000
Depreciation Expense	8,303	8,380	8,972	9,600	10,600	12,000
Interest Expense	11,248	13,146	14,919	19,000	16,500	21,250
Income Tax Expense	26,650	34,000	38,000	32,800	26,500	25,750
Net Income	266,489	300,015	334,938	373,600	396,400	486,000
Number of common shares outstanding at year-end	12,817	13,714	13,714	14,250	14,750	15,500
Market price per share	38	43	49	56	64	73
Growth rate	0.14
Dividends	99,028	122,425	146,117	176,900	177,688	232,396
Earnings per Share	13.07	12.95	13.77	13.80	14.83	16.36
P/E ratio	3	3	4	4	4	4
Capital Expenditures		10,733	14,352	16,289	26,600	25,500
Free cash Flow		297,662	329,558	366,911	380,400	472,500