Follow the instruction using discounted FCF calculate EV and per share value:

Consolidated balance sheet:

Consolidated income:

Consolidated cash flow:

- Balance Sheet for 2022 - On the side/top/bottom, calculate Excess Assets and Net Financial Debt (show your calculation). - 3 years of Income Statement (2020 - 2022) - 3 years of cash flow statement (2020 - 2022) - Copy the cash flow statements into a new worksheet and go through the procedure discussed in class to arrive at FCF for each of those three years with the following modifications: - Instead of the adjustment for after-tax interest, you should adjust for after-tax other income (from the income statement). - Within investment activities, we don't want marketable securities (since those are financial assets) or "Other" stuff. Estimate the average growth rate in FCF over these 3 years - Set up a valuation worksheet like we did in class (and is in your textbook) Use the average growth rate in FCF you calculated above as your estimate for the shortterm growth rate for the next 4 years. (link to the previous worksheet instead of manually typing it in) Start with 3% as the long-term growth rate. In your WACC calculation, if you got a value in the range of 9%10% ish, use that. Otherwise, use 9.5\%. You should use Excess Assets and Net Debt from the Balance Sheet page (link to those values). Shares outstanding should also be as of Sep 2022 (source) At the very bottom, after your per-share calculation, create a 2-way data table with WACC in the range from 8% to 11% in steps of 0.5% and long-term growth rate from 1% to 10% in steps of 1%. \begin{tabular}{|c|c|c|c|} \hline \multirow{2}{*}{ CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD (\$) \$ in Millions } & \multicolumn{3}{|c|}{12 Months Ended } \\ \hline & Sep. 24,2022 & Sep. 25,2021 & Sep. 26,2020 \\ \hline \multicolumn{4}{|l|}{ Statement of Comprehensive Income [Abstract] } \\ \hline Net income & $99,803 & $94,680 & $57,411 \\ \hline \multicolumn{4}{|l|}{ 0ther comprehensive income/(loss): } \\ \hline Change in foreign currency translation, net of tax & (1,511) & 501 & 88 \\ \hline \multicolumn{4}{|l|}{ Change in unrealized gains/losses on derivative instruments, net of tax: } \\ \hline Change in fair value of derivative instruments & 3,212 & 32 & 79 \\ \hline Adjustment for net (gains)/losses realized and included in net income & (1,074) & 1,003 & (1,264) \\ \hline Total change in unrealized gains/losses on derivative instruments & 2,138 & 1,035 & (1,185) \\ \hline \multicolumn{4}{|l|}{ Change in unrealized gains/losses on marketable debt securities, net of tax: } \\ \hline Change in fair value of marketable debt securities & (12,104) & (694) & 1,202 \\ \hline Adjustment for net (gains)/losses realized and included in net income & 205 & (273) & (63) \\ \hline Total change in unrealized gains/losses on marketable debt securities & (11,899) & (967) & 1,139 \\ \hline Total other comprehensive income/(loss) & (11,272) & 569 & 42 \\ \hline Total comprehensive income & $88,531 & $95,249 & $57,453 \\ \hline \end{tabular} Financing activities: Payments for taxes related to net share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Proceeds from/(Repayments of) commercial paper, net Other Cash used in financing activities Decrease in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, ending balances Supplemental cash flow disclosure: Cash paid for income taxes, net Cash paid for interest CONSOLIDATED BALANCE SHEETS - USD ($) in Millions Sep. 24, 2022 Sep. 25, 2021 Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables 0 ther current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net 0 ther non-current assets Total non-current assets Total assets Current liabilities: Accounts payable 0ther current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities: Term debt 0ther non-current liabilities Total non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50, 400, 000 shares authorized; 15, 943, 425 and 16, 426, 786 shares issued and outstanding, respectively Retained earnings/(Accumulated deficit) Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity $ 24,658 28,184 4,946 32,748 21, 223 135,405 120, 805 42, 117 54,428 217,350 352, 755 64, 115 60,845 7, 912 9, 982 11,128 153, 982 98, 959 49,142 148,10 302, 083 64,849 (3,068) (11,109) 50,672 $352,755 $34,940 27,699 26,278 6,580 25,228 14,111 134,836 127, 877 39,440 48,849 216,166 351,002 54,763 47, 493 7, 612 6,000 9,613 125,481 109, 106 53,325 162,431 287, 912 57, 365 5, 562 163 63, 090 $351,002 \begin{tabular}{|c|c|c|c|} \hline \multirow{2}{*}{ CONSOLIDATED STATEMENTS OF CASH FLOWS - USD (\$) $ in Millions } & \multicolumn{3}{|c|}{12 Months Ended } \\ \hline & Sep. 24, 2022 & Sep. 25, 2021 & Sep. 26, 2020 \\ \hline \multicolumn{4}{|l|}{ Statement of Cash Flows [Abstract] } \\ \hline Cash, cash equivalents and restricted cash, beginning balances & $35,929 & $39,789 & $50,224 \\ \hline \multicolumn{4}{|l|}{ Operating activities: } \\ \hline Net income & 99,803 & 94,680 & 57,411 \\ \hline \multicolumn{4}{|l|}{ Adjustments to reconcile net income to cash generated by operating activities: } \\ \hline Depreciation and amortization & 11,104 & 11,284 & 11,056 \\ \hline Share-based compensation expense & 9,038 & 7,906 & 6,829 \\ \hline Deferred income tax expense/(benefit) & 895 & (4,774) & (215) \\ \hline Other & 111 & (147) & (97) \\ \hline \multicolumn{4}{|l|}{ Changes in operating assets and liabilities: } \\ \hline Accounts receivable, net & (1,823) & (10,125) & 6,917 \\ \hline Inventories & 1,484 & (2,642) & (127) \\ \hline Vendor non-trade receivables & (7,520) & (3,903) & 1,553 \\ \hline 0ther current and non-current assets & (6,499) & (8,042) & (9,588) \\ \hline Accounts payable & 9,448 & 12,326 & (4,062) \\ \hline Deferred revenue & 478 & 1,676 & 2,081 \\ \hline 0ther current and non-current liabilities & 5,632 & 5,799 & 8,916 \\ \hline Cash generated by operating activities & 122,151 & 104,038 & 80,674 \\ \hline \multicolumn{4}{|l|}{ Investing activities: } \\ \hline Purchases of marketable securities & (76,923) & (109,558) & (114,938) \\ \hline Proceeds from maturities of marketable securities & 29,917 & 59,023 & 69,918 \\ \hline Proceeds from sales of marketable securities & 37,446 & 47,460 & 50,473 \\ \hline Payments for acquisition of property, plant and equipment & (10,708) & (11,085) & (7,309) \\ \hline Payments made in connection with business acquisitions, net & (306) & (33) & (1,524) \\ \hline 0ther & (1,780) & (352) & (909) \\ \hline Cash used in investing activities & (22,354) & (14,545) & (4,289) \\ \hline \multicolumn{4}{|l|}{ Financing activities: } \\ \hline Payments for taxes related to net share settlement of equity awards & (6,223) & (6,556) & (3,634) \\ \hline Payments for dividends and dividend equivalents & (14,841) & (14,467) & (14,081) \\ \hline Repurchases of common stock & (89,402) & (85,971) & (72,358) \\ \hline Proceeds from issuance of term debt, net & 5,465 & 20,393 & 16,091 \\ \hline Repayments of term debt & (9,543) & (8,750) & (12,629) \\ \hline Proceeds from/(Repayments of) commercial paper, net & 3,955 & 1,022 & (963) \\ \hline 0ther & (160) & 976 & 754 \\ \hline Cash used in financing activities & (110,749) & (93,353) & (86,820) \\ \hline Decrease in cash, cash equivalents and restricted cash & (10,952) & (3,860) & (10,435) \\ \hline \end{tabular}