Global Ltd.'s CFO is valuing the company as the first step in an initial public offering. The company's financial performance has been projected for the next three years after which it will grow at the expected long-term growth rate of the economy. Global Ltd. Balance Sheet (000s) Actual Projected 2019 2020 2021 Current assets $30,000 $31,500 $33,075 Plant and equipment 90,000 101,000 112,550 Less: Accumulative depreciation 60,000 69,000 78,450 Net plant and equipment $30,000 $32,000 $34,100 Total assets $60,000 $63,500 $67,175 2022 $34,728 124,677 88,372 $36,305 $71,033 Current liabilities Long-term debt Equities Total liabilities and equities $10,000 $10,500 $11,025 40,000 42,000 44,100 10,000 11,000 12,050 $60,000 $63,500 $67,175 $11,576 46,305 13,152 $71,033 Global Ltd. Income Statement (000s) 2020 Sales $200,000 Cost of sales 120,000 Gross margin 80,000 Operating expenses 52,000 Depreciation 9,000 Earnings before interest and taxes 19,000 Interest 4,000 Earnings before taxes 15,000 Income taxes 6,000 Net income $9,000 2021 $210,000 126,000 84,000 54,600 9,450 19,950 4,200 15,750 6,300 $9,450 2022 $220,500 132,300 88,200 57,330 9,922 20,948 4,410 16,538 6,615 $9,923 Other Information Global has a beta of 1.3. The 20-year U.S. treasury bond rate is 6.50 percent, the market risk premium is 4.40 percent and the estimated long-term growth rate is 5.00 percent. REQUIRED: 1. Estimate the intrinsic value of Global's shares