D1 Island Expeditions, Inc., a privately held company, is interested in knowing the value of their stock on a per share basis as a Venture Capital firm has approached their CEO about buying the company. It currently has 50 million shares outstanding. The firm also has $850 million in debt outstanding and a marginal tax rate of 40%. It estimates it has a WACC of 14%. Island Expeditions Financial Forecast is below: 2020 (Today) 2021 2022 2023 2024 2025 Revenue 500.00 550.00 605.00 665.50 732.05 768.65 Net Income 100.00 110.00 121.00 133.10 146.41 153.73 Interest (1-T) 2.40 2.64 2.90 3.19 3.51 3.69 NOPAT 102.40 112.64 123.90 136.29 149.92 157.42 Depreciation 300.00 330.00 363.00 399.30 439.23 461.19 200.00 220.00 242.00 266.20 292.82 307.46 Capital Expenditure Investment in WC 37.50 41.25 45.38 49.91 54.90 57.65 Assume that the free cash flow to the firm levels off and grows at a constant rate of 5% per year Utilizing the same data as above, what is the terminal value of Island Expeditions in 2025? $2,957.50 $2,816.67 $2,623.67 $3,098.33 Again, using the same data as above. Calculate the per share value of Island Expeditions stock. $25.80 $28.43 $26.97 $29.89 Pro forma expectations for Gulf Cruisers (a competitor) suggest that Island Expeditions will trade at a MV/EBIT multiple of 14 in 2025. Using this information, calculate the per share value of Island Expeditions stock. $36.28 $35.86 $20.60 $54.94