Item	2013	2014	2015	2016	2017	Perpetuity

Please compute the DCF per-share value of the equity of Upstart company [Some of the assumptions are irrelevant.] DCF per-Share equity value of common stock-$ Based on the assumptions listed below, please complete the DCF per-share value of the equity of Upstart Company and place your answer in the space provided below: Express sales, etc. in millions (so that S1 billion is expressed as $1,000 in the spreadsheet) and use 2 decimals, except use 4 decimals for the discount factor, to replicate my numbers exactly. However, normal rounding variation shouldn't affect your score Appraisal data is 1/1/13 and Forecast Period is 2013 through 2017 inclusive. The Book Value of the Company's assets is $153 million, and the book value of the Company's equity is S122 million, both as of 12/31/12. Sales forecast for 2013 is $10 million and sales (nominal) are projected to double each year in the forecast period through 2017 Sales growth nom nalin the perpetuity period is projected to be 10% annually. Sales for 2012 were $4 million. EBIT margin is 70% in 2013, 75% in 2014, 80% in 2015, 85% in 2016, 90% in 2017, and 60% for all years thereafter. Assume that the nominal ROI is 34% in the perpetuity period. The tax rate is 40% in the forecast and perpetuity periods. Investment in incremental working capital is 50% of the change in sales during the forecast period. is $10 million in 2013, and will increase by $5 million per year until 2017, when CAPX will be $30 million. Depreciation will be $20 million in 2013 and will increase by 20% annually throughout the forecast period. Interest Expense is projected to be S9.6 million annually for all years before accounting for tax savings Expected inflation is 4% annually in all years. The firm has legal liabilities that total $100 million. Cost of debt capital is 8% (nominally, before account for tax benefits) and optimal leverage is 40% of the market value of equity plus debt. Risk-free rate is 5%, risk premium is 8% and small-cap risk premium is 3.9%, all nominal. Assume that beta is 1.82 when the optimal leverage ratio is 40%. Cash balance is 43.09 million and Long-Term Debt is $120 million, both as of 12/31/12. There are 25 million common shares outstanding. There are no options Please compute the DCF per-share value of the equity of Upstart company [Some of the assumptions are irrelevant.] DCF per-Share equity value of common stock-$ Based on the assumptions listed below, please complete the DCF per-share value of the equity of Upstart Company and place your answer in the space provided below: Express sales, etc. in millions (so that S1 billion is expressed as $1,000 in the spreadsheet) and use 2 decimals, except use 4 decimals for the discount factor, to replicate my numbers exactly. However, normal rounding variation shouldn't affect your score Appraisal data is 1/1/13 and Forecast Period is 2013 through 2017 inclusive. The Book Value of the Company's assets is $153 million, and the book value of the Company's equity is S122 million, both as of 12/31/12. Sales forecast for 2013 is $10 million and sales (nominal) are projected to double each year in the forecast period through 2017 Sales growth nom nalin the perpetuity period is projected to be 10% annually. Sales for 2012 were $4 million. EBIT margin is 70% in 2013, 75% in 2014, 80% in 2015, 85% in 2016, 90% in 2017, and 60% for all years thereafter. Assume that the nominal ROI is 34% in the perpetuity period. The tax rate is 40% in the forecast and perpetuity periods. Investment in incremental working capital is 50% of the change in sales during the forecast period. is $10 million in 2013, and will increase by $5 million per year until 2017, when CAPX will be $30 million. Depreciation will be $20 million in 2013 and will increase by 20% annually throughout the forecast period. Interest Expense is projected to be S9.6 million annually for all years before accounting for tax savings Expected inflation is 4% annually in all years. The firm has legal liabilities that total $100 million. Cost of debt capital is 8% (nominally, before account for tax benefits) and optimal leverage is 40% of the market value of equity plus debt. Risk-free rate is 5%, risk premium is 8% and small-cap risk premium is 3.9%, all nominal. Assume that beta is 1.82 when the optimal leverage ratio is 40%. Cash balance is 43.09 million and Long-Term Debt is $120 million, both as of 12/31/12. There are 25 million common shares outstanding. There are no options