four segments to one question

Sora Industries has 70 million outstanding shares. 5127 million in debt, 554 million in cash, and the following projected free cash flow for the next four years Year 0 1 2 3 4 Earnings and FCF Forecast ($ million) 1 Sales 433.0 468.0 516.0 547.0 5743 2 Growth vs. Prior Year 8.1% 10.3% 6.0% 5.0% 3 Cost of Goods Sold (3136) (345.7) (366.5) (384.8) 4 Gross Profit 154.4 170.3 180.5 189.5 5 Selling, General, & Admin (936) (1032) (1094) (1149) 6 Depreciation (7.0) (7.5) (9.0) (9.5) 7 EBIT 53.8 59.6 62.1 65.2 8 Less Income Tax at 40% (21.5) (23.8) (248) (26.1) 9 Plus: Depreciation 7.0 7.5 9.0 9.5 10 Less: Capital Expenditures (7.7) (10.0) (9.9) (10.4) 11 Less: Increase in NWC (6.3) (8.6) (5.6) (4.9) 12 Free Cash Flow 253 24.6 30.8 33.3 a. Suppose Sora's revenue and free cash flow are expected to grow at a 3.1% rate beyond year four If Sora's weighted average cost of capital is 14.0%, what is the value of Sora stock based on this information? The stock price for this case is $ (Round to the nearest cent) b. Sora's cost of goods sold was assumed to be 67% of sales. If its cost of goods sold is actually 70% of sales, how would the estimate of the stock's value change? The stock price for this case, when COGS increases is $. (Round to the nearest cent) c. Return to the assumptions of part (a) and suppose Sora can maintain its cost of goods sold at 67% of sales. However, the firm reduces its selling general , and administrative expenses from 20% of sales to 16% of sales What stock price would you estimate now? (Assume no other expenses, except taxes, are affected) The stock price for this case, when selling, general, and administrative costs decrease is 5 (Round to the nearest cent) d. Sora's net working capital needs were estimated to be 18% of sales (their current level in year zero) If Sora can reduce this requirement to 12% of sales starting in year 1 but all other assumptions are as in (a), what stock price do you estimate for Sora? (Hint. This change will have the largest impact on Sora's free cash flow in year 1) The stock price for this case, when working capital needs are reduced Is ] (Round to the nearest cent)