d$.$ Sora's net working capital needs were estimated to be $18\%$ of sales $($which is their current level in year $0).$ If Sora can reduce this

requirement to $12\%$ of sales starting in year $1,$ but all other assumptions remain as in part $($a$),$ what stock price do you estimate for

Sora? $($Hint: This change will have the largest impact on Sora's free cash flow in year $1.)$

Assumed NWC$/$sales

Actual NWC$/$sales

Initial value for NWC $($millions$)$

Year

Enterprise value $($millions$)$

Stock price