Consider the following position statements for PRACTICE Limited for 2021&2022, the statement of shareholders equity for 2022, some excerpts from their 2022 income statement and other relevant information. The following points are also relevant for PRACTICE Limited: - Effective corporation tax rate =25% - Interest income (2022)=37M - Interest expense (2022)=393M - Sales Revenue (2022)=4,329M - Sales Growth (year-on-year) =6% - Of cash balances, it is considered that operating cash constitutes 5% of the yearend balance each year - The company's weighted average cost of capital (WACC i.e. rf ) is 7% - The company 'marks to market' their debt - PRACTICE Limited have 650M ordinary shares in issue, the market value of each being 4,423 pence at the end of 2022 . Required: (1) Reformulate the position statements and the statement of shareholders' equity (2) Reformulate the income statement (3) Determine 2022 free cash flow (FCF) BY TWO SEPARATE METHODS (4) Calculate return on net operating assets (RONA), financial leverage (FLEV), net borrowing cost (NBC) and use these ratios to calculate return on equity (ROE) (5) Assume that recent sales growth = growth for PRACTICE Limited, and that the RNOA figure (from (4)) = Core RNOA. By any one of two methods, calculate an estimated equity value for PRACTICE Limited. (6) Would you consider PRACTICE Limited a risky investment? You must offer plausible reasons