Conduct a Sensitivity Analysis:

1. Vary the following inputs to the two-tier valuation model and indicate the new valuation amount and the percentage change from the above "base" case.
   • Free Cash Flows
     1. Increase the FCF by 10%
     2. Decrease the FCF by 10%
   • Terminal Growth Rate
     1. Increase the Terminal Growth Rate from 2.5% to 3.5%
     2. Decrease the Terminal Growth Rate from 2.5% to 1.5%
   • WACC
     1. Add 2% to the WACC (that is if the WACC is 7.5% make it 9.5%)
     2. Subtract 2% from the WACC (that is if the WACC is 7.5% make it 5.5%)

     3. Free Cash Flow Year 1	$31,380,480
        Free Cash Flow Year 2	$33,890,918
        Free Cash Flow Year 3	$36,602,192
        Growth Rate after 3 Years	2.5%
        WACC	12%
        Terminal Value of Company Year 3	$394,918,38

     4. Year	Particulars	Amount $	PVF @ 12%	Present Value
        1	Free Cash Flow	$31,380,480	0.8929	$28,018,286
        2	Free Cash Flow	$33,890,918	0.7972	$27,017,633
        3	Free Cash Flow	$36,602,192	0.7118	$26,052,717
        3	Terminal Value	$394,918,387	0.7118	$281,095,108
        Present Value of Google based on Free Cash Flows				$362,183,743

        	2019	2018	2017
        Revenues	$161.857B	$138.819B	110.855B
        Gross Profit	$89.961B	$77.270B	$65.272B
        Operating Income	$35.928B	$31.392B	$28.882B
        Net Income	$33.343B	$30.736B	$12.662B

        *(Yahoo Finance, 2020)

        Balance Sheet

        	2019	2018	2017
        Total Current Assets	$275.909B	$232.792B	$197.295B
        Total Assets	$152.578B	$135.676B	$124.308B
        Total Liabilities	$74.467B	$55.164B	$44.793B
        Total Stockholder Equity	$201.442B	$177.628B	$152.502B

        *(Yahoo Finance, 2020)