$-$Consinder a company which current sales are $750\mathrm{.}000$ but will increase to

$1\mathrm{.}000\mathrm{.}000$ TL in the first year. The compary is expected to grow of $30\%$ in the years $2$

and $3$ at $5\%$ indefinietly there after. The company managers to achieve a $50\%$

Ebit mogin $($out of soles$)$ an average. The reavired Working Capital is assumed to grow at the

same rate as the sales. The current investment in fixed assets is $3\%$ of the fixed assets

and is expected to grow at grow with the same rate as sales. Also the depreciation

expense will be at $10\%$ of investment in the fixed assets. Corporate tox rote is $25\%$

The cost of capital for the company is estimated be $20\%.$ The number of stocks

outstading is $100,000.$ The current share price of the compeny is $15TL.$

Company Balonce Sheet

i $-$ Calculate the Free cash flows for the first $4$ years.

ii$-$ Calculate the Terminal $($Horizon$)$ value of the compay.

iii$-$Calculate the DFC and then the moket value of the equity of the company

What is your recommendation $($buylsell$)$ for the stode with respect to your

Finding in port $($iii$)$