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Information is provided below on Key Pad plc. Assume it is 31/12/2020 Extract from 2020 Income Statement and projected accounts for 2021 2023 for Keypad plc. Turnover Gross profit Operating expenses Depreciation Interest Net profit before tax Corporation Tax Net profit 2020 000 6,775 4,065 1,016 850 600 1,599 2021 '000 6,978 4,187 1,047 850 600 1,690 2022 000 7,676 4,606 1,151 850 600 2,004 (p) 2023 000 7,830 4,698 1,174 850 600 2,073 208 1,391 220 1,470 261 1,744 270 1,804 Additional Information Keypad plc s unlevered beta is 1.1. It has 1,000,000 shares issued and its share price is 28.20. It has long term debt outstanding of 13,500,000. The Yield to Maturity (Cost) of this debt is 6%. The market risk premium is 5% and the risk free rate is 2%. The corporation tax rate is 12.5% Keypad plc expects to invest 750,000 per year in fixed assets and working capital (combined) in each of the next 3 years (2021/22/23). After 2023, it is forecasted that free cash flows will grow at 3% indefinitely. Required: a) Using a Free Cash Flow approach, value Keypad plc. Information is provided below on Key Pad plc. Assume it is 31/12/2020 Extract from 2020 Income Statement and projected accounts for 2021 2023 for Keypad plc. Turnover Gross profit Operating expenses Depreciation Interest Net profit before tax Corporation Tax Net profit 2020 000 6,775 4,065 1,016 850 600 1,599 2021 '000 6,978 4,187 1,047 850 600 1,690 2022 000 7,676 4,606 1,151 850 600 2,004 (p) 2023 000 7,830 4,698 1,174 850 600 2,073 208 1,391 220 1,470 261 1,744 270 1,804 Additional Information Keypad plc s unlevered beta is 1.1. It has 1,000,000 shares issued and its share price is 28.20. It has long term debt outstanding of 13,500,000. The Yield to Maturity (Cost) of this debt is 6%. The market risk premium is 5% and the risk free rate is 2%. The corporation tax rate is 12.5% Keypad plc expects to invest 750,000 per year in fixed assets and working capital (combined) in each of the next 3 years (2021/22/23). After 2023, it is forecasted that free cash flows will grow at 3% indefinitely. Required: a) Using a Free Cash Flow approach, value Keypad plc