Excel Online Structured Activity: Corporate valuation Dantzler Corporation is a fast-growing supplier of office products. Analysts project the following free cash flows (FCFS) during the next 3 years, after which FCF is expected to grow at a constant 4% rate. Dantzler's WACC is 10%. 0 Year FCF ($ millions) - $20 $11 $43 The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet a. What is Dantzler's horizon, or continuing, value? (Hint: Find the value of all free cash flows beyond Year 3 discounted back to Year 3.) Round your answer to two decimal places. Enter your answer in millions. For example, an answer of $13,550,000 should be entered as 13.55. $ 3078 X million b. What is the firm's value today? Round your answer to two decimal places. Enter your answer in millions. For example, an answer of $13,550,000 should be entered as 13.55. Do not round your intermediate calculations. $ 2364.46 million c. Suppose Dantzler has $71 million of debt and 5 million shares of stock outstanding. What is your estimate of the current price per share? Round your answer to two decimal places. Write out your answer completely. For example, 0.00025 million should be entered as 250. $ 116.18 Corporate valuation 3 Dollars/shares in millions FCF1 $20.00 $11.00 $43.00 4.00% 10.00% $71.00 5 FCF2 6 FCF3 7 Constant growth rate, g, 8 WACC 9 Market value of debt 10 Common shares outstanding 11 12 13 FCFs 14 Horizon value 15 Total FCFs 16 17 PV of FCFs to investors -$20.00 $11.00 $43.00 Firm value today Market value of equity, MV Equity Price per share, P. Formulas $20.00 -$20.00 $11.00 $11.00 $43 NA FCFS Horizon value Total FCFs $43.00 #N/A #N/A #N/A #N/A 28 29 30 PV of FCFs to investors #N/A #N/A #N/A Formulas -$20.00 $11.00 #N/A FCFs Horizon value Total FCFS $43.00 #N/A #N/A 28 #N/A #N/A PV of FCFs to investors #N/A #N/A #N/A Firm value today #N/A Market value of equity, MV Equity 35 Price per share, P. #N/A #N/A