Here is Cash Flow Valuation model for 5 years. Please write a explaination and detail! not too long. Thanks!

A BTC D EFG H 1 J KLM n o p o r 4 2011 2012 2013 2014 FREE CASH FLOW VALUATION MODEL Investing Cash Flow 3.15 1.572.38 | 1 2 3 4 5 Sales 33.78 3312 3422 32.96 Average 4 Year 2015 2016 2017 2018 2019 % Investment/sales 9.33% 4,749% 628% 7.22% 6.89% 5 Forecast in Billions current Asset 27 3 6.48 39.85 28.73 | 6 Sales(note 1 ) 3296 343847 3587097 37.4215) 3903904 Current Liabilities 23.06 2.69 22.29 2.28 | 7 EBIT(=7.59% of sales)(note2) |2.501664 2.609798 2.722607 2.840292 2963063 NWC 13.21 Less Income Tax(2207% of EBIT (note -.55212 -0.57598 -0.6003s -0.62685 -0.65395 chg Nwc in 1.582.7 -10.11 Average Less Investment as 6.89% of sales(4) -2.27094 -23691 -2.47151 -257834 -2.68979 %chg in NWC/Sales 4.77% 8.09% -3067% -5.94% 10 Less Increase in Nwc as -5.94% of sales 1957824 2.042451) 2130736 2.222837) 2.318919 http:// rketw; dk/cnhi/ 11 Free Cash Flow 1.636427 1.707161 1.780953 1.857935 1.938244 WACC5) 2.45% (2,3 from http:/www.nasdaqcom/symbol/cnhi/financials?query-incomestatement discounting factor o97639 0.95274 0.929968 0.907731) 0.886026 | 14 discounting cash flowsEd *FCF 1.597298 1.626496 1.656229 21.68650s.717334 2012 2013 2013 15 Currnt Enterprise value through 2019 |8.283861 EBIT 16 Total shares outstanding .36 http:// yah /q/ks -CNHl+Key+S 32.80133.83632.555 | 17 Estimated value of stock 6.091075s O %EBIT/Sales 7.79% 7.60% 7.39% | 12 2.407 18 19 htt rketw: 20 1) Sales and 21 S. wth 22 growth 2011 2012 23 growth 24 19.61% -1.95% 4 y 2013 2014 Average 3.33% -3.70% 432% ROE 26 27 I 3 Income tax calculated from recent year earnings 22.07% (-Income Tax/EBIT for 2014) | income and BS figures from http:// yah /q/ks -CNHl+Key+S http://finance.yahoo.com/q/is?s=-CNHI+Income+Statement&annual 5 Earnings growth forecast Dividend yield 310% cost of Debt 2.81% (=Interst expense/Total liabilities) Payout 75.26% after tax cost of debt 2.19% .52% D/E 9.543885 TotalLiabs/Equity growth,g-ROE*(1-Payout) 1.86% 9%E 0.094842 I required return on equity(re) 4.96% (-g+Dividend yield) %D 905158 1 WAcc=re *9%E+rd *9%D 2.45% 28 29 CGM 55 t56 Sheet1 EO