I need help with trying to solve for the FCFF and FCFE for Starbucks. Below is the provided information and please feel free to request for any more information. I would greatly appreciate your help. Thank you!

Below is my attempt at calculating the FCFF. I'm currently trying to solve for the terminal value and the FCFE.

Any help will be greatly appreciated. Thank you!

1 2 Consolidated Statement of Earnings (in millions, except per share data) (unaudited) 3 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 5 $ $ 9 24,607.0 2.683.6 1,770.0 29,060.6 8,738.7 11,930.9 359.5 1,441.7 1,932.6 11 19,164.6 2,327.1 2,026.3 23,518.0 7.694.9 10,764.0 430.3 1,431.3 1,679.6 278.7 22,278.8 322.5 1,561.7 21,544.4 2,875.0 2,089.2 26,508.6 8,526.9 10,493.6 371.0 1,377.3 1.824.1 135.8 22,728.7 14 170.4 16 Fiscal Year Ended Net revenues: 6 Company-operated stores 7 Licensed Stores 8 8 Other Total net revenues 10 Product and distribution costs Store operating expenses 12 Other operating expenses 13 Depreciation and amortization expenses General and administrative expenses 15 Restructuring and impairments Total operating expenses Income from equity investees 18 Operating income Net gain resulting from divestiture of certain operations 20 Interest income and other, net Interest expense Earnings before income taxes Income tax expense Net earnings including noncontrolling interests 25 Net earnings/(loss) attributable to noncontrolling interests 26 Net earnings attributable to Starbucks 27 Earnings per share - basic 28 Earnings per share - diluted 29 Weighted average shares outstanding: Basic 17 298.0 19 21 22 24.573.8 385.3 4,872.1 864.5 90.1 (469.8) 5,356.9 1,156.6 4,200.3 1.0 4,199.3 3.57 3.54 4,077.9 622.8 96.5 (331.0) 4,466.2 871.6 3,954.6 (4.6) 3,599.2 23 39.7 (437.0) 1,164.4 239.7 924.7 (3.6) 928.3 0.79 0.79 24 $ $ $ $ $ $ 2.95 $ $ $ 2.92 30 1177.6 1221.2 1172.8 1181.8 31 Diluted 1185.5 1233.2 33 34 Starbucks Corporation Consolidated Balance Sheets (in millions, except per share data) (unaudited) 35 36 37 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 38 39 40 S $ $ $ 41 4,350.9 281.2 883.4 42 43 44 6,455.7 162.2 940.0 1,603.9 594.6 9,756.4 281.7 268.5 6,369.5 8.236.0 1,874.8 578.5 ASSETS Current assets: : Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets 45 Total current assets Long-term investments Equity investments 48 Property, plant and equipment, net 49 Operating lease, right-of-use asset Deferred income taxes, net Other long-term assets Other intangible assets Goodwill TOTAL ASSETS LIABILITIES AND SHARHOLDERS' EQUITY/(DEFICIT) 46 2.686.6 70.5 879.2 1,529.4 488.2 5,653.9 220.0 396.0 6,431.7 1,551.4 739.5 7.806.4 206.1 478.7 6,241.4 8.134.1 1.789.9 47 50 1,765.8 51 568.6 479.6 52 781.8 53 349.9 3,677.3 31,392.6 552.1 3,597.2 29,374.5 3,490.8 19,219.6 54 $ $ $ 55 56 57 $ $ $ 58 1.211.6 1,973.2 7723 348.0 1,251.3 1.596.1 1,189.7 1,753.7 664.6 1,291.7 59 60 61 62 1,269.0 63 997.9 1,160.7 696.0 98.2 1.248.8 1,456.5 438.8 1,249.9 7,346.8 14,659.6 7,661.7 6,598.5 907.3 37.173.9 64 65 6.168.7 11,167.01 Current Liabilities: Accounts payable Accrued Liabilities Accrued payroll and benefits Income taxes payable Current Portion of operating lease liability Stored value card liability and current portion of deferred revenue Short-term debt Current Portion of long-term debt Total current liabilities 66 Long-term debt 67 Operating lease liability Deferred revenue Other long-term liabilities Total liabilities Shareholders' deficit: Common stock ($0.001 par value) authorized, 2,400.0 shares; issued and outstanding, 1,151.6 and 1.180.0 shares, respectively Additional paid-in capital Retained deficit 76 Accumulated other comprehensive income 77 Total shareholders' deficit 78 Noncontrolling interests Total deficit TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) 998.9 8,151.4 13,616.9 7,738.0 6,463.0 737.8 36,707.1 68 69 6,744.4 1,370.51 25,450.6 70 71 72 73 74 75 1.2 846.1 (6,315.7) 147.2 (5,321.2) 6.7 (5,314.5) 31,392.6 1.2 373.9 (7,815.6) (364.6) (7.805.1) 5.7 (7,799.4) 29,374.5 1.21 41.1 (5,771.2) (503.3) (6.232.2) 1.2 (6.231.0) 19.219.0 79 80 $ $ $ 84 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 86 87 4,200.3 $ 924.7 $ 3,594.6 88 90 1,524.1 (146.2) (347.3) 336.0 (864.5) 319.1 1,503.2 (25.8) (280.7) 227.7 91 92 1,449.3 (1,495.4) (250.6) 216.8 (622.8) 308.0 10.5 94 248.6 96 1.197.6 - 1,248.6 226.2 (6.0) 454.4 24.5 142.6 45.3 98 82 Starbucks Corporation 83 Consolidated Statements of Cash Flow (in millions, unaudited) 85 Fiscal Year Ended OPERATING ACTIVITIES: Net earnings including noncontrolling interests Adjustments to reconcile net earnings to net cash provided by operating activities 89 Depreciation and amortization Deferred income taxes, net Income earned from equity method investees Distributions received from equitiy method investees 93 Net gain resulting from divestiture of certain operations Stock-based compensation 95 Goodwill impairments Non-cash lease cost 97 Loss on retirement and impairment of assets Other Cash provided by/(used in) changes in operating assets and liabilities: 100 Accounts receivable Inventories Prepaid expenses and other current asets Income taxes payable 104 Accounts payable 105 Deferred revenue 106 Operating lease liability 107 Other operating assets and liabilities 108 Net cash provided by operating activities 109 INVESTING ACTIVITIES: : 110 Purchases of investments 111 Sales of investments 112 Maturities and calls of investments 113 Additions to property, plant and equipment 114 Net proceeds from the divestiture of certain operations 115 Other 116 Net cash used in investing activities 99 (2.7) 101 (10.9) 102 (43.0) (49.8) 251.1 286.1 189.9 (6.1) (1.488.1) 358.7 5.989.1 103 (197.7) (173.0) 922.0 1,237.1 31.9 (30.5) (317.5) (1,214.6) (210.8) 31.0 (1.231.4) 280.5 1,597.8 (141.1) 5,047.0 (432.0) 143.2 345.5 (1,470.0) 1,175.0 (81.2) (319.5) (443.9) 186.7 73.7 (1,483.6) (190.4) 298.3 59.8 (1.806.6) 684.3 (56.2) (1,010.8) (44.4) (1,711.5) (432.0) 143.2 345.5 (1,470.0) (443.9) 186.7 73.7 (1.483.6) 113 (190.4) 298.3 59.8 (1.806.6) 684.3 (56.2) (1,010.) 1.175.0 (81.2) (319.5) (44.4) (1,711.5) (296.5) 215.1 (349.8) 1,406.6 (967.7) 4.727.6 109 INVESTING ACTIVITIES: 110 Purchases of investments 111 Sales of investments 112 Maturities and calls of investments Additions to property, plant and equipment 114 Net proceeds from the divestiture of certain operations 115 Other 116 Net cash used in investing activities 117 FINANCING ACTIVITIES: 118 Repayments of commercial paper 119 Proceeds from issuance of short-term debt 120 Repayments of short-term debt 121 Proceeds from issuance of long-term debt 122 Repayment of long-term debt Proceeds from issuance of common stock 124 Cash dividends paid 125 Repurchase of common stock 126 Minimum tax withholdings on share-based awards 127 Other 128 Net cash used in financing activities 129 Effect of exchange rate changes on cash and cash equivalents 130 Net increase (decrease) in cash and cash equivalents 131 CASH AND CASH EQUIVALENTS: 132 Beginning of period 133 End of period 134 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: 135 Cash paid during the period for: 136 Interest, net of capitalized interest Income taxes 123 (1.250.0) 246.2 (2.119.0) 1,996.0 (350.0) 409.8 (1.761.3) (10,222.3) (111.6) (17.5) (10,056.9) (49.0) (6,069.7) 298.8 (1.923.5) (1.698.9) (91.9) (37.7) 1,713.3 64.7 1664.3 (97.0) (3.651.0) 86.2 2104.8 4.350.9 6,455.7 2,686.6 4,350.9 8,756.3 2,686.6 $ $ $ $ $ 501.1 $ S 396.9 1,699.1 299.5 470.1 137 756.3 $ $ 139 Fiscal Year Ended Oct 3, 2021 (2.119.0) Sep 27, 2020 (1.923.5) Sep 29, 2019 (1,761.3) 140 Dividends 7.54% 11.40% 141 142 Weight average cost of capital as of today (4/8/2022) 143 144 Growth estimate for the next 5 years (per annum) 145 146 Stock Prices 147 Analyst project 148 149 Earnings Per Share 150 EPS - Basic EPS - Diluted Low High $136.00 Average $112.26 $84.00 $ $ $ $ Oct 3, 2021 3.57 $ 3.54 $ Sep 27, 2020 0.79 $ 0.79 $ Sep 29, 2019 2.95 2.92 151 1 Comments: 2 3 Fiscal Year EBIT Less: Taxes 4 5 FREE CASH FLOW - FCFF 2019 2020 4,077.9 1,561.7 (871.6) (239.7) 4,949.5 1,801.4 1,449.3 1,503.2 5,527.2 3,064.9 (1.806.6) (1.483.6) (514.8) 459.6 2,334.2 4,328.6 6 NOPAT Plus: D&A EBITDA Less: Capex Less: Changes in NW Unilevered FCF 2021 4,872.1 (1.156.6) 6,028.7 1,524.1 6,396.2 (1,470.0) 1,605.0 7,417.8 Operating Income Income Tax Expense EBIT - Taxes D&A (Cash Flow) NOPAT - D&A Additions to property, plant and equip Current Assets - Current Liabilities EBIT-Taxes+D&A-Capex-NWC 7 8 9 - 10 11 12 - Comments: 13 14 15 16 FREE CASH FLOW - FCFF (FORECAST - 11.40% Growth Per Year) Fiscal Year 2022 2023 2024 EBIT 5,427.5 6,046.3 6,735.5 Less: Taxes (1.288.5) (1,435.3) (1,599.0) NOPAT 6,716.0 7,481.6 8,334.5 Plus: D&A 1,697.8 1,891.4 2,107.0 EBITDA 7,125.4 7,937.7 8.842.6 Less: Capex (1,637.6) (1.824.3) (2,032.2) Less: Changes in NW 1,788.0 1,991.8 2.218.9 Unilevered FCF 8,263.4 9,205.5 10,254.9 17 Operating Income Income Tax Expense EBIT - Taxes D&A (Cash Flow) NOPAT - D&A Additions to property, plant and equip! Current Assets - Current Liabilities EBIT-Taxes D&A-Capex-NWC 18 19 20 21 1 2 Consolidated Statement of Earnings (in millions, except per share data) (unaudited) 3 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 5 $ $ 9 24,607.0 2.683.6 1,770.0 29,060.6 8,738.7 11,930.9 359.5 1,441.7 1,932.6 11 19,164.6 2,327.1 2,026.3 23,518.0 7.694.9 10,764.0 430.3 1,431.3 1,679.6 278.7 22,278.8 322.5 1,561.7 21,544.4 2,875.0 2,089.2 26,508.6 8,526.9 10,493.6 371.0 1,377.3 1.824.1 135.8 22,728.7 14 170.4 16 Fiscal Year Ended Net revenues: 6 Company-operated stores 7 Licensed Stores 8 8 Other Total net revenues 10 Product and distribution costs Store operating expenses 12 Other operating expenses 13 Depreciation and amortization expenses General and administrative expenses 15 Restructuring and impairments Total operating expenses Income from equity investees 18 Operating income Net gain resulting from divestiture of certain operations 20 Interest income and other, net Interest expense Earnings before income taxes Income tax expense Net earnings including noncontrolling interests 25 Net earnings/(loss) attributable to noncontrolling interests 26 Net earnings attributable to Starbucks 27 Earnings per share - basic 28 Earnings per share - diluted 29 Weighted average shares outstanding: Basic 17 298.0 19 21 22 24.573.8 385.3 4,872.1 864.5 90.1 (469.8) 5,356.9 1,156.6 4,200.3 1.0 4,199.3 3.57 3.54 4,077.9 622.8 96.5 (331.0) 4,466.2 871.6 3,954.6 (4.6) 3,599.2 23 39.7 (437.0) 1,164.4 239.7 924.7 (3.6) 928.3 0.79 0.79 24 $ $ $ $ $ $ 2.95 $ $ $ 2.92 30 1177.6 1221.2 1172.8 1181.8 31 Diluted 1185.5 1233.2 33 34 Starbucks Corporation Consolidated Balance Sheets (in millions, except per share data) (unaudited) 35 36 37 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 38 39 40 S $ $ $ 41 4,350.9 281.2 883.4 42 43 44 6,455.7 162.2 940.0 1,603.9 594.6 9,756.4 281.7 268.5 6,369.5 8.236.0 1,874.8 578.5 ASSETS Current assets: : Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets 45 Total current assets Long-term investments Equity investments 48 Property, plant and equipment, net 49 Operating lease, right-of-use asset Deferred income taxes, net Other long-term assets Other intangible assets Goodwill TOTAL ASSETS LIABILITIES AND SHARHOLDERS' EQUITY/(DEFICIT) 46 2.686.6 70.5 879.2 1,529.4 488.2 5,653.9 220.0 396.0 6,431.7 1,551.4 739.5 7.806.4 206.1 478.7 6,241.4 8.134.1 1.789.9 47 50 1,765.8 51 568.6 479.6 52 781.8 53 349.9 3,677.3 31,392.6 552.1 3,597.2 29,374.5 3,490.8 19,219.6 54 $ $ $ 55 56 57 $ $ $ 58 1.211.6 1,973.2 7723 348.0 1,251.3 1.596.1 1,189.7 1,753.7 664.6 1,291.7 59 60 61 62 1,269.0 63 997.9 1,160.7 696.0 98.2 1.248.8 1,456.5 438.8 1,249.9 7,346.8 14,659.6 7,661.7 6,598.5 907.3 37.173.9 64 65 6.168.7 11,167.01 Current Liabilities: Accounts payable Accrued Liabilities Accrued payroll and benefits Income taxes payable Current Portion of operating lease liability Stored value card liability and current portion of deferred revenue Short-term debt Current Portion of long-term debt Total current liabilities 66 Long-term debt 67 Operating lease liability Deferred revenue Other long-term liabilities Total liabilities Shareholders' deficit: Common stock ($0.001 par value) authorized, 2,400.0 shares; issued and outstanding, 1,151.6 and 1.180.0 shares, respectively Additional paid-in capital Retained deficit 76 Accumulated other comprehensive income 77 Total shareholders' deficit 78 Noncontrolling interests Total deficit TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) 998.9 8,151.4 13,616.9 7,738.0 6,463.0 737.8 36,707.1 68 69 6,744.4 1,370.51 25,450.6 70 71 72 73 74 75 1.2 846.1 (6,315.7) 147.2 (5,321.2) 6.7 (5,314.5) 31,392.6 1.2 373.9 (7,815.6) (364.6) (7.805.1) 5.7 (7,799.4) 29,374.5 1.21 41.1 (5,771.2) (503.3) (6.232.2) 1.2 (6.231.0) 19.219.0 79 80 $ $ $ 84 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019 86 87 4,200.3 $ 924.7 $ 3,594.6 88 90 1,524.1 (146.2) (347.3) 336.0 (864.5) 319.1 1,503.2 (25.8) (280.7) 227.7 91 92 1,449.3 (1,495.4) (250.6) 216.8 (622.8) 308.0 10.5 94 248.6 96 1.197.6 - 1,248.6 226.2 (6.0) 454.4 24.5 142.6 45.3 98 82 Starbucks Corporation 83 Consolidated Statements of Cash Flow (in millions, unaudited) 85 Fiscal Year Ended OPERATING ACTIVITIES: Net earnings including noncontrolling interests Adjustments to reconcile net earnings to net cash provided by operating activities 89 Depreciation and amortization Deferred income taxes, net Income earned from equity method investees Distributions received from equitiy method investees 93 Net gain resulting from divestiture of certain operations Stock-based compensation 95 Goodwill impairments Non-cash lease cost 97 Loss on retirement and impairment of assets Other Cash provided by/(used in) changes in operating assets and liabilities: 100 Accounts receivable Inventories Prepaid expenses and other current asets Income taxes payable 104 Accounts payable 105 Deferred revenue 106 Operating lease liability 107 Other operating assets and liabilities 108 Net cash provided by operating activities 109 INVESTING ACTIVITIES: : 110 Purchases of investments 111 Sales of investments 112 Maturities and calls of investments 113 Additions to property, plant and equipment 114 Net proceeds from the divestiture of certain operations 115 Other 116 Net cash used in investing activities 99 (2.7) 101 (10.9) 102 (43.0) (49.8) 251.1 286.1 189.9 (6.1) (1.488.1) 358.7 5.989.1 103 (197.7) (173.0) 922.0 1,237.1 31.9 (30.5) (317.5) (1,214.6) (210.8) 31.0 (1.231.4) 280.5 1,597.8 (141.1) 5,047.0 (432.0) 143.2 345.5 (1,470.0) 1,175.0 (81.2) (319.5) (443.9) 186.7 73.7 (1,483.6) (190.4) 298.3 59.8 (1.806.6) 684.3 (56.2) (1,010.8) (44.4) (1,711.5) (432.0) 143.2 345.5 (1,470.0) (443.9) 186.7 73.7 (1.483.6) 113 (190.4) 298.3 59.8 (1.806.6) 684.3 (56.2) (1,010.) 1.175.0 (81.2) (319.5) (44.4) (1,711.5) (296.5) 215.1 (349.8) 1,406.6 (967.7) 4.727.6 109 INVESTING ACTIVITIES: 110 Purchases of investments 111 Sales of investments 112 Maturities and calls of investments Additions to property, plant and equipment 114 Net proceeds from the divestiture of certain operations 115 Other 116 Net cash used in investing activities 117 FINANCING ACTIVITIES: 118 Repayments of commercial paper 119 Proceeds from issuance of short-term debt 120 Repayments of short-term debt 121 Proceeds from issuance of long-term debt 122 Repayment of long-term debt Proceeds from issuance of common stock 124 Cash dividends paid 125 Repurchase of common stock 126 Minimum tax withholdings on share-based awards 127 Other 128 Net cash used in financing activities 129 Effect of exchange rate changes on cash and cash equivalents 130 Net increase (decrease) in cash and cash equivalents 131 CASH AND CASH EQUIVALENTS: 132 Beginning of period 133 End of period 134 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: 135 Cash paid during the period for: 136 Interest, net of capitalized interest Income taxes 123 (1.250.0) 246.2 (2.119.0) 1,996.0 (350.0) 409.8 (1.761.3) (10,222.3) (111.6) (17.5) (10,056.9) (49.0) (6,069.7) 298.8 (1.923.5) (1.698.9) (91.9) (37.7) 1,713.3 64.7 1664.3 (97.0) (3.651.0) 86.2 2104.8 4.350.9 6,455.7 2,686.6 4,350.9 8,756.3 2,686.6 $ $ $ $ $ 501.1 $ S 396.9 1,699.1 299.5 470.1 137 756.3 $ $ 139 Fiscal Year Ended Oct 3, 2021 (2.119.0) Sep 27, 2020 (1.923.5) Sep 29, 2019 (1,761.3) 140 Dividends 7.54% 11.40% 141 142 Weight average cost of capital as of today (4/8/2022) 143 144 Growth estimate for the next 5 years (per annum) 145 146 Stock Prices 147 Analyst project 148 149 Earnings Per Share 150 EPS - Basic EPS - Diluted Low High $136.00 Average $112.26 $84.00 $ $ $ $ Oct 3, 2021 3.57 $ 3.54 $ Sep 27, 2020 0.79 $ 0.79 $ Sep 29, 2019 2.95 2.92 151 1 Comments: 2 3 Fiscal Year EBIT Less: Taxes 4 5 FREE CASH FLOW - FCFF 2019 2020 4,077.9 1,561.7 (871.6) (239.7) 4,949.5 1,801.4 1,449.3 1,503.2 5,527.2 3,064.9 (1.806.6) (1.483.6) (514.8) 459.6 2,334.2 4,328.6 6 NOPAT Plus: D&A EBITDA Less: Capex Less: Changes in NW Unilevered FCF 2021 4,872.1 (1.156.6) 6,028.7 1,524.1 6,396.2 (1,470.0) 1,605.0 7,417.8 Operating Income Income Tax Expense EBIT - Taxes D&A (Cash Flow) NOPAT - D&A Additions to property, plant and equip Current Assets - Current Liabilities EBIT-Taxes+D&A-Capex-NWC 7 8 9 - 10 11 12 - Comments: 13 14 15 16 FREE CASH FLOW - FCFF (FORECAST - 11.40% Growth Per Year) Fiscal Year 2022 2023 2024 EBIT 5,427.5 6,046.3 6,735.5 Less: Taxes (1.288.5) (1,435.3) (1,599.0) NOPAT 6,716.0 7,481.6 8,334.5 Plus: D&A 1,697.8 1,891.4 2,107.0 EBITDA 7,125.4 7,937.7 8.842.6 Less: Capex (1,637.6) (1.824.3) (2,032.2) Less: Changes in NW 1,788.0 1,991.8 2.218.9 Unilevered FCF 8,263.4 9,205.5 10,254.9 17 Operating Income Income Tax Expense EBIT - Taxes D&A (Cash Flow) NOPAT - D&A Additions to property, plant and equip! Current Assets - Current Liabilities EBIT-Taxes D&A-Capex-NWC 18 19 20 21