Laiho Industries: Balance Sheets as of December 31 (thousands of dollars)
	2021		2020
Cash	$	103,328		$	89,775
Accounts receivable		99,869			83,630
Inventories		37,401			33,957
Total current assets	$	240,598		$	207,362
Net fixed assets		67,281			41,134
Total assets	$	307,879		$	248,496
Accounts payable	$	28,883		$	21,710
Accruals		31,556			23,818
Notes payable		16,674			14,294
Total current liabilities	$	77,113		$	59,822
Long-term debt		77,257			64,657
Total liabilities	$	154,370		$	124,479
Common stock		102,000			92,000
Retained earnings		51,509			32,017
Total common equity	$	153,509		$	124,017
Total liabilities and equity	$	307,879		$	248,496

Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash.

NOWC₂₀₂₀: $ fill in the blank 41 thousand

NOWC₂₀₂₁: $ fill in the blank 42 thousand

FCF₂₀₂₁: $ fill in the blank 43 thousand

If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders?

If Laiho increased its dividend payout ratio, the firm would pay

morelessthe same amount of

1. corporate taxes and the company's shareholders would paytaxes on the dividends they would receive.

Assume that the firm's after-tax cost of capital is 11.5%. What is the firm's 2021 EVA?

$ fill in the blank 46 thousand

Assume that the firm's stock price is $21 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021?

$ fill in the blank 47 thousand

morelessthe same amount of