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Done Below: DCF & CPER Calculations & Three Year Averages Historical Data Components/Ratios 2017 2018 2019 Three Year Average Business Revenue 76,450,000,000 81,581,000,000 82,059,000,000 80,030,000,000

Done Below:

DCF & CPER Calculations & Three Year Averages

Historical Data Components/Ratios 2017 2018 2019 Three Year Average

Business Revenue 76,450,000,000 81,581,000,000 82,059,000,000 80,030,000,000

COG and Services 25,354,000,000 27,091,000,000 27,556,000,000 26,667,000,000

Operating Inc/Exp 32,382,000,000 34,441,000,000 34,423,000,000 33,748,666,667

EBIT 18,714,000,000 20,049,000,000 20,080,000,000 19,614,333,333

Sales 76,450,000,000 81,581,000,000 82,059,000,000 80,030,000,000

EBIT/Sales 24.48% 24.58% 24.47% 24.51%

Income tax expense 16,373,000,000 2,702,000,000 2,209,000,000 7,094,666,667

Income before sales 17,673,000,000 17,999,000,000 17,328,000,000 17,666,666,667

Tax Rate (Income tax exp/Income before sales) 92.64% 15.01% 12.75% 40.13%

Property, plant & equip 17,005,000,000 17,035,000,000 17,658,000,000 17,232,666,667

Sales 76,450,000,000 81,581,000,000 82,059,000,000 80,030,000,000

Property, Plant & Equipment/Sales 22.24% 20.88% 21.52% 21.55%

Depreciation 24,461,000,000 24,816,000,000 25,674,000,000 24,983,666,667

Property, plant & equip 17,005,000,000 17,035,000,000 17,658,000,000 17,232,666,667 Depreciation/Property, Plant & Equipment 1.44 1.46 1.45 1.45

Current Assets 43,088,000,000 46,033,000,000 45,274,000,000 43,088,000,000

Current Liabilities 30,537,000,000 31,230,000,000 35,964,000,000 33,597,000,000

Net Working Capital 12,551,000,000 14,803,000,000 9,310,000,000 12,221,333,333

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  1. Determine the enterprise value of the firm as the present value of the free cash flows.

Submit a summaryof your analysis and valuation with a few brief summary exhibits explaining how your analysis and outlook are quantified in your valuation model.Would you recommend investing in the company? Why or why not?

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