(in thousands except per share data) Estimated Estimated 2008 2009 200,000 215,000 20,000 25,000 Estimated 2010 230,000 30,000| Net Income Total Dividends Paid Book Value of Equity Total Liabilities CFFO CFFI Dividends Per Share Shares Outstanding (12/31/07) Cost of Equity Cost of Debt WACC(at) Actual 2007 225,000 48,000 1,500,000 1,000,000 400,000 -250,000 0.48 100,000 0.14 0.08 0.11 150,000 200,000 250,000 -100,000 - 200,000 -200,000 0.200. 250.30 34. (Free Cash Flow Valuation). Assume that free cash flow to the firm is forecast to be $70,000 in 2011 and that it is expected to grow by 5% per year thereafter. The estimated intrinsic value per share is (12/31/07): -$1.87 $0.00 o $0.816 d. $7.31 $8.13 o (in thousands except per share data) Estimated Estimated 2008 2009 200,000 215,000 20,000 25,000 Estimated 2010 230,000 30,000| Net Income Total Dividends Paid Book Value of Equity Total Liabilities CFFO CFFI Dividends Per Share Shares Outstanding (12/31/07) Cost of Equity Cost of Debt WACC(at) Actual 2007 225,000 48,000 1,500,000 1,000,000 400,000 -250,000 0.48 100,000 0.14 0.08 0.11 150,000 200,000 250,000 -100,000 - 200,000 -200,000 0.200. 250.30 34. (Free Cash Flow Valuation). Assume that free cash flow to the firm is forecast to be $70,000 in 2011 and that it is expected to grow by 5% per year thereafter. The estimated intrinsic value per share is (12/31/07): -$1.87 $0.00 o $0.816 d. $7.31 $8.13 o