Need help with question B. Equity value per share should be 83.47 but Im not sure how to get there:

23. The D'Artagnan Alternative nvestment Fund (DAIF), a private equity group based in Cincinnati, ( is evaluating an investment private, improve the in ABC, Inc (the "Company"). They plan to take the Company company's operating efficiencies, and then bring it back public in two (2) information has been provided by DAIF analysts who plan on calculating the Company's equity value using a Free is January 1, 2017. Cash Flow to Equity Model. Assume the valuation date ABC Inc. (values in millions of USD, except percent and per share) Investment horizon (years) 2017 Sales 2018 Sales Expected net income margin Terminal trailing PE multiple Depreciation and Amortization (% of sales) Capex as a percent of sales Change in NWC as a percent of sales 2 Marginal tax rate 300 cash 340 Market value of debt 20% Market value of equity 15.x Historical debt ratio (dr) 10% cost of debt 25% cost of equity 30% 1,000 250 1000 20% 3.5% 12.0% 10 5% Shares outstanding a. Fill in the table below, calculating the FCFE for 2017 and 2018, and the Terminal Equity V in 2018. (20 pts.) 2018 346 2017 EU: PE N 68 Digant hoNet Income us Co) ofetu Depr. & Amort 7 S 85 CAPEX change in net working capital dr (debt ratio) 5 0,2o 0.20 3.6 10 2 FCFE Terminal value b. Calculate the equity value per share of XYZ, Inc. implied in the assumptions made by the DAIF analysts. Is the Company's stock currently over-or under-valued? ( 15 pts.)