Enterprise Value of a Firm Part A (24 points): You are comfortable with the following projections. You estimate that the WACC is 11.5%. The projected terminal growth rate (after 2021) is 2.8%. Assume that all cash flows occur at the end of the year. The firm's marginal tax rate is 26%. What is the value of the firm? Actual 2018 110.00 (49.50) 60.50 2019 185.00 (83.25) 101.75 Projected 2020 238.00 (107.10) 130.90 2021 247.00 (111.15) 135.85 Amounts in Smillions Revenue Cost of Sales Gross Profits Operating Expenses Depreciation G&A Total Opex Interest Expense Earnings before Tax Tax Expense Net Income (12.00) (11.00) (23.00) (6.00) 31.50 (7.88) 23.63 42.00 10.00 (15.00) (18.50) (33.50) (7.00) 61.25 (15.31) 45.94 48.00 18.00 (18.00) (23.80) (41.80) (7.00) 82.10 (20.53) 61.58 51.00 23.00 (20.77) (24.70) (45.47) (8.00) 82.38 (20.60) 61.79 50.00 21.00 Net PP&E NOWC