I need help completing the Forecasting and Valuation Step for Johnson and Johnson and Johnson and Procter and Gamble.

Here are the instructions:

1. Project the firm's future business activities and risk.

2. Develop expectations for future earnings, cash flows, and dividends.

3. Use these expected future payoffs to estimate firm value.

JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS At December 30, 2018 and December 31, 2017 (Dollars in Millions Except Share and Per Share Amounts) (Note 1) 2018 2017 17,824 472 18,107 1,580 14,098 8,599 2,699 950 13,490 8,765 2,537 46,033 43.088 17,035 47.611 30,453 7640 4.182 152,954 17,005 53,228 31,906 7,105 4,971 5 157,303 Assets Current assets Cash and cash equivalents (Notes 1 and 2) Marketable securities (Notes 1 and 2) Accounts receivable trade, less allowances for doubtful accounts $248 (2017, $291) Inventories (Notes 1 and 3) Prepaid expenses and other receivables Assets held for sale (Note 20) Total current assets Property, plant and equipment, net (Notes and 4) Intangible assets, net (Notes 1 and 5) Goodwill (Notes 1 and 5) Deferred taxes on income (Note 8) Other assets Total assets Liabilities and Shareholders' Equity Current liabilities Loans and notes payable (Note 7) Accounts payable Accrued liabilities Accrued rebates, retums and promotions Accrued compensation and employee related obligations Accrued taxes on income (Note 8) Total current liabilities Long-term debt (Note 7) Deferred taxes on income (Note 8) Employee related obligations (Notes 9 and 10) Long-term taxes payable (Note 8) Other liabilities Total liabilities Shareholders' equity Preferred stock - without par value (authorized and unissued 2,000,000 shares) Common stock - par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares issued 3,119,843,000 shares) Accumulated other comprehensive income (los) (Note 13) Retained earings 2,796 7,537 7.601 9,380 3.098 3,906 7,310 7,304 7,210 2,953 1.854 30.537 30,675 8,368 10,074 8.472 31,230 27684 7,506 9.951 8,242 8.589 93.202 9,017 3,120 (15,222) 106,216 3,120 (13,199) 101,793 91,714 31.554 60,160 94.114 34,362 Less: common stock held in treasury, at cost (Note 12) (457,519,000 shares and 437,318,000 shares) Total shareholders' equity Total liabilities and shareholders' equity 59,752 152.954 JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2018 81,581 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Famings before provision for taxes on income Provision for taxes on income (Note 8) Net earnings 2016 21,890 21.789 50,101 20,067 9.143 2017 76,450 25.439 S1011 21,520 10,594 408 (385) 27,091 54,490 22.540 10,775 1,126 (611) 1,005 1.405 251 17,999 (368) 726 934 210 (42) 309 491 19,R03 3,263 16.540 17,673 16,373 1.300 2.702 $ 15.297 5.70 5.61 6.04 5.93 0.47 Net earnings per share (Notes 1 and 15) Basic $ Diluted $ Average shares outstanding (Notes 1 and 15) Basic Diluted *Prior years amounts were reclassified to conform to current year presentation (adoption of ASU 2017-07) 2.681.5 2.728.7 2.692.0 2.745.3 2,7373 2,788.9 See Notes to Consolidated Financial Statements Consolidated Starts of Earis NZT SALES Cost of produced Selling th OPERATING ECOAIE $66832 34.253 18.853 13,711 SS599 32.539 32909 1556815009 1 3.955 13.41 e specie 271 025 133326 (404) LE 1369 TO TO 986 10.027 Other source comp et EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Income taxes ou continuing operations NET EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS FROM DESCONTINUED OPERATIONS NET EARNINGS Less: Not eaming attribuable to noncombrolling interests NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 15,411 10.604 9,861 111 9. 3 96 3 15326 3 10,506 $ 3.75 $ 3.79$ 3.99 - 2.010.21 3.55 3.50 3.50 BASIC NET EARNINGS PER COMMON SHARE Earnings from continuing operations E s free di cooperations BASIC NET EARNINGS PER COADJON SHARE DILUTED NET EARNINGS PER COMEON SHARE: Es free o pet Earn from di d apati DILUTED NET EARNINGS PER COMMON SHARE DIVIDENDS PER COADJON SHARE 1900.20 $ 3009359 2T 27 26