Following are the financial statement numbers and select ratios for Simpson-Davis Corp. for the year ended December 31, 2021

Revenue

NOPAT

NOA

Forecast Assumptions and other financial information are as follows:

Revenue Growth

Terminal Growth Rate

Net Operating Profit Margin (NOPM)

Net Operating Asset Turnover (NOAT)

Discount Rate (WACC)

Shares outstanding (millions)

Stockholders' Equity

Net Nonoperating Obligations (NNO)

Non Controlling Interest

a) Use the discounted cash flow (DCF) model to estimate the value of Simpson-Davis equity per share at December 31, 2021.

b) Simpson-Davis shares closed at $41.37 per share on December 31, 2021. How does your valuation compare with the closing price? Comment on any difference.