Computation of Valuations Models Section Use the following summary financial statement information and forecasts provided by TTU Value- Metrics to answer the valuation questions in this section about Hi-Flyer Corp. which has a December 31 fiscal year end. (in thousands except per share data) Actual Estimated Estimated Estimated 2007 2008 2009 2010 Net Income 225,000 200,000 215,000 230,000 Total Dividends Paid 48,000 20,000 25,000 30,000 Book Value of Equity 1,500,000 Total Liabilities 1,000,000 CFFO 400,000 150,000 200,000 250,000 CFFI -250,000 -100,000 -200,000 -200,000 Dividends Per Share 0.48 0.20 0.25 0.30 Shares Outstanding (12/31/07) 100,000 Cost of Equity 0.14 Cost of Debt 0.08 WACC(at) 0.11