Forecast the Fiscal Period Ending	2021	2022	2023	2024	2025
Total Revenue	75,000	80,000	85,000	90,000	95,000
Cost Of Goods Sold	(22,500)	(24,000)	(25,500)	(27,000)	(28,500)
Gross Profit	52,500	56,000	59,500	63,000	66,500
Selling General & Admin Expenses	(30,000)	(32,000)	(34,000)	(36,000)	(38,000)
Depreciation and Amortization	(7,500)	(8,000)	(8,500)	(9,000)	(9,500)
Other Operating Expenses, Total	(37,500)	(40,000)	(42,500)	(45,000)	(47,500)
Effective Tax Rate	30%
Forecasted Invested Capital Needs for 2021-2025*:
Capital Expenditures as a % of sales	11%
Operating Net Working Capital uses as a % of sales	2%
*You do not need to calculate the change from one year to the next. Capex and NWC % is amount needed in each year.
Balance Sheet at Valuation Date 2020
Excess non-operating cash	22,500
Non-consolidated subsidiaries	15,000
Short term interest bearing bank loans	18,750
Long Term Bonds	30,000
Unfunded Pension Liabilities	3,750
Preferred Equity	7,500
Non-controlling interests	3,000
Other Assumptions
Weighted Average Cost of Capital	10.5%
Long Term Perpetual Growth Rate in Free Cash Flow	3%
Diluted Shares Outstanding at Valuation Date	1,700
Short Answer (each question is worth 2 points, please show calculations for partial credit).
Use the Enterprise DCF/WACC approach and Gordon Growth assumption for terminal value.
Value the company in 2020.
Calculate the following:
1) Undiscounted Terminal Value
2) Present Value of Operations
3) Intrinsic Value of the Enterprise
4) Intrinsic Value of the Equity
5) Intrinsic Value of the Equity per share