Estimate the free cash flows from 2018 through 2022.

Estimate the firm value at the end of 2017 assuming a constant 3% growth per year after 2022. Assume WACC is 10%.

Assuming there are 60 million shares outstanding, what is the price per share?

please show work

Net sales Cost of sales Gross income Depreciation Interest expense Operating expenses Net income before tax Provision for taxes Net income after tax FRACTAL ANTENNA SYSTEMS INC. INCOME STATEMENT (S millions) Actual Forecast 2017 2018 2019 2020 $1.996 $2,267 $2,508 $2.827 644 742 830 959 1,352 1,525 1,678 1.868 492 785 1,061 1,301 171 178 191 175 212 239 270 306 477 323 156 86 126 61 34 $291 $197 $95 $52 2021 $3,138 1.087 2,051 1,009 142 334 566 221 $345 2022 $3,571 1.241 2,330 917 110 374 929 363 $566 186 Cash and securities Accounts receivable Inventory Other current assets Total current assets Gross property and equipment Accumulated depreciation Net property and equipment Goodwill Total assets Accounts payable Short-term debt Current portion long-term debt Accrued expenses Total current liabilities Long-term debt Deferred taxes Shareholders' equity Total liabilities and equity BALANCE SHEET (S millions) $358 $413 $462 208 236 267 399 463 541 156 122 142 1.121 1.234 1,412 4.180 5,149 6.410 868 1.654 2.714 3,312 3,495 3,696 1.069 1,069 1,069 5,502 5,798 6.177 104 77 91 335 482 842 41 140 165 86 97 120 566 796 1.218 1,694 1.554 1,389 335 344 370 2.907 3.104 3,200 $5,502 $5,798 $6.177 $545 309 629 167 1.650 7.449 4,015 3,434 1.069 6.153 110 814 200 134 1.258 1.189 454 3,252 $6.153 $618 354 739 212 1.923 8.200 5,024 3,176 1.069 6.168 117 585 223 174 1.099 966 505 3,598 $6.168 $704 405 864 206 2.179 9,016 5,941 3,075 1.069 6,323 135 393 267 168 963 699 496 4,165 $6,323