Figure out the terminal value, the implied enterprise value, and the implied share price based on the discounted cash flows method with a long term growth rate of 3%. tax rate is 39%

\begin{tabular}{lccc} \hline & \begin{tabular}{c} 2009 \\ (Feb 2010) \end{tabular} & \begin{tabular}{c} 2010 \\ (Feb 2011) \end{tabular} & \begin{tabular}{c} 2011E \\ (Feb 2012) \end{tabular} \\ \hline Cash and Cash Equivalents & 138 & 216 & 172 \\ Trade Accounts Receivable & 136 & 120 & 130 \\ Inventories & 164 & 180 & 190 \\ Prepaid Expenses & 148 & 128 & 131 \\ Other Current Assets & 94 & 72 & 54 \\ Total Current Assets & 679 & 716 & 677 \\ Net Property, Plant, and Equipment and Other Assets & 850 & 832 & 859 \\ Total Assets & 1,529 & 1,547 & 1,536 \\ Debt Due within One Year & 1 & 0 & 0 \\ Accounts Payable & 95 & 87 & 87 \\ Other Current Liabilities & 272 & 245 & 255 \\ Current Liabilities & 369 & 332 & 343 \\ Long-Term Debt & 329 & 233 & 235 \\ Other Liabilities & 196 & 219 & 206 \\ Shareholders' Equity & 636 & 763 & 752 \\ Total Liabilities and Shareholders' Equity & 1,529 & 1,547 & 1,536 \\ \hline \end{tabular} \begin{tabular}{lc} \hline & Yield \\ \hline 30-Day Treasury Bill & 0.1% \\ 10-Year Treasury Bond & 2.8% \\ 10-Year Corporate Bonds of Industrial Companies & \\ \hline AAA & 2.8% \\ AA & 2.9% \\ A+ & 3.2% \\ A & 3.3% \\ A- & 3.5% \\ BBB+ & 3.8% \\ BBB & 4.1% \\ BBB- & 4.6% \\ BB+ & 5.8% \\ BB & 6.5% \\ BB- & 6.5% \\ B+ & 6.8% \\ B & 8.4% \\ B- & 9.0% \\ Historical Market Risk Premium & \\ Equity Market Index Less Government Debt & 5.5% \\ & 5Year \\ & 1.8% \\ U.S. Real GDP Annual Growth Rate & 2.2% \\ U.S. GDP Annual Deflator Rate & \\ Consumer Price Index Annual Rate & \\ \hline \end{tabular} Data sources: Bloomberg, Value Line Investment Survey, and \begin{tabular}{lccccc} \hline & Actual & \multicolumn{4}{c}{ Forecast } \\ \cline { 5 - 6 } & 2011 & 2012 & 2013 & 2014 & 2015 \\ \hline Bullish Scenario & & & & & \\ Revenue Growth & 5.3% & 1.0% & 1.5% & 2.0% & 2.5% \\ Operating Margin & 9.4% & 9.0% & 9.0% & 9.0% & 9.0% \\ Net Working Capital Turnover & 5.02 & 6.00 & 6.50 & 7.00 & 7.50 \\ Fixed Asset Turnover & 1.95 & 1.95 & 1.95 & 1.95 & 1.95 \\ Bearish Scenario & & & & & \\ Revenue Growth & 5.3% & 0.0% & 0.0% & 0.0% & 0.0% \\ Operating Margin & 9.4% & 8.0% & 7.0% & 6.0% & 5.0% \\ Net Working Capital Turnover & 5.02 & 6.00 & 6.50 & 7.00 & 7.50 \\ Fixed Asset Turnover & 1.95 & 1.95 & 1.95 & 1.95 & 1.95 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & \begin{tabular}{c} 2008 \\ (Feb 2009) \end{tabular} & \begin{tabular}{c} 2009 \\ (Feb 2010) \end{tabular} & \begin{tabular}{c} 2010 \\ (Feb 2011) \end{tabular} & \begin{tabular}{c} 2011E \\ (Feb 2012) \end{tabular} \\ \hline \multicolumn{5}{|l|}{ Total American Greetings Figures } \\ \hline Total Revenue & 1,691 & 1,636 & 1,593 & 1,677 \\ \hline Material, Labor, and Other Pruduction Costs & 810 & 713 & 682 & 743 \\ \hline Selling, Distribution, and Marketing Expenses & 619 & 508 & 478 & 526 \\ \hline Administrative and General Expenses & 226 & 276 & 261 & 258 \\ \hline Goodwill and Other Intangible Asset Impairments & 290 & 0 & 0 & 0 \\ \hline Other Operating Expenses & 1 & 0 & 3 & (6) \\ \hline Operating Income & (253) & 139 & 175 & 157 \\ \hline Net Interest and Other Nonoperating Expenses & 22 & 18 & 19 & 28 \\ \hline Income Before Income Tax Expense & (275) & 121 & 156 & 129 \\ \hline Income Tax Expense & (47) & 39 & 69 & 47 \\ \hline Net Income & (228) & 82 & 87 & 82 \\ \hline Earnings Per Share (Basic) & (4.89) & 2.07 & 2.18 & 2.22 \\ \hline Dividends per Share & 0.60 & 0.36 & 0.56 & 0.60 \\ \hline \multicolumn{5}{|l|}{ By Business Unit } \\ \hline \multicolumn{5}{|l|}{ Operating Segment Net Sales } \\ \hline North American Social Expression Products & 1,095 & 1,235 & 1,191 & 1,215 \\ \hline International Social Expression Products & 271 & 254 & 262 & 344 \\ \hline Retail Operations & 179 & 12 & & \\ \hline AG Interactive & 83 & 80 & 78 & 68 \\ \hline \multicolumn{5}{|l|}{ Operating Segment Earnings } \\ \hline North American Social Expression Products & 70 & 236 & 218 & 148 \\ \hline International Social Expression Products & (78) & 17 & 20 & 20 \\ \hline Retail Operations & (19) & (35) & & \\ \hline AG Interactive & (162) & 11 & 14 & 14 \\ \hline \multicolumn{5}{|l|}{ Total Revenue by Product Category } \\ \hline Everyday Greeting Cards & 704 & 764 & 753 & 823 \\ \hline Seasonal Greeting Cards & 357 & 369 & 377 & 408 \\ \hline Gift Packaging & 240 & 221 & 223 & 239 \\ \hline Other Revenue & 44 & 38 & 32 & 32 \\ \hline All Other Products & 345 & 244 & 207 & 176 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & \begin{tabular}{l} Share \\ Price \end{tabular} & \begin{tabular}{c} Shares \\ Outstanding \end{tabular} & \begin{tabular}{l} Total \\ Cash \end{tabular} & \begin{tabular}{l} Total \\ Debt \end{tabular} & \begin{tabular}{c} Enterprise \\ Value \end{tabular} & Revenue & EBITDA & \begin{tabular}{c} EBITDA \\ Multiple* \end{tabular} \\ \hline American Greetings & 12.51 & 38.3 & 86 & 235 & 714 & 1,660 & 204 & 3.5 \\ \hline Blyth & 56.80 & 8.2 & 182 & 101 & 568 & 984 & 48 & 11.7 \\ \hline Consolidated Graphics & 48.28 & 10.2 & 7 & 197 & 692 & 1,050 & 122 & 5.6 \\ \hline CSS Industries & 19.92 & 9.7 & 10 & 0 & 194 & 453 & 30 & 6.5 \\ \hline Deluxe & 22.76 & 50.9 & 31 & 742 & 1,901 & 1,420 & 359 & 5.3 \\ \hline Hallmark & NA & NA & NA & NA & NA & 4,100 & NA & NA \\ \hline Lancaster Colony & 69.34 & 27.3 & 162 & 0 & 1,890 & 1,090 & 156 & 12.2 \\ \hline Meredith & 32.65 & 44.8 & 26 & 250 & 1,712 & 1,350 & 240 & 7.1 \\ \hline \multirow[t]{2}{*}{ Scholastic } & 29.97 & 31.1 & 114 & 215 & 1,145 & 1,950 & 189 & 6.0 \\ \hline & ROA & ROE & Beta & \begin{tabular}{c} Bond \\ Rating \end{tabular} & & & & \\ \hline American Greetings & 7% & 11% & 1.63 & BB+ & & & & \\ \hline Blyth & 4% & 9% & 1.60 & B & & & & \\ \hline Consolidated Graphics & 5% & 10% & 1.45 & BB & & & & \\ \hline CSS Industries & 4% & 2% & 1.36 & & & & & \\ \hline Deluxe & 13% & 55% & 1.85 & B & & & & \\ \hline Hallmark & NA & NA & NA & & & & & \\ \hline Lancaster Colony & 14% & 19% & 0.42 & & & & & \\ \hline Meredith & 7% & 15% & 1.75 & BB & & & & \\ \hline Scholastic & 6% & 8% & 1.04 & BB- & & & & \\ \hline \end{tabular}