Panera Bread
Projected Cash Flows
For Fiscal Years Ending 12/31 (in $ millions)	(Actual)	(Forecast)	(Projected)	(Projected)	(Projected)	(Projected)
		2016	2017	2018	2019	2020	2021
INCOME STATEMENT
Total Revenues		$2,795.4	$2,846.1	$3,083.1	$3,374.4	$3,886.9	$4,220.0
Growth YoY			1.8%	8.3%	9.4%	15.2%	8.6%
Cost of Sales		$2,205.4	$2,220.0	$2,404.8	$2,632.0	$3,031.8	$3,291.6
		78.9%	78.0%	78.0%	78.0%	78.0%	78.0%
Gross Profit		$590.0	$626.1	$678.3	$742.4	$855.1	$928.4
Operating Expenses		$195.8	$196.0	$199.9	$203.9	$208.0	$212.2
Depreciation & Amortization		$154.4	$155.0	$155.0	$155.0	$155.0	$155.0
Total Operating Expenses		$350.2	$351.0	$354.9	$358.9	$363.0	$367.2
		12.5%	12.3%	11.5%	10.6%	9.3%	8.7%
EBIT		$239.8	$275.1	$323.4	$383.4	$492.1	$561.2
Adjustments		$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
EBIT (Adjusted)		$239.8	$275.1	$323.4	$383.4	$492.1	$561.2
		8.6%	9.7%	10.5%	11.4%	12.7%	13.3%
Other Income (Expense)		($1.4)	$0.0	$0.0	$0.0	$0.0	$0.0
Interest Expense (Income)		$8.9	$12.8	$13.7	$14.8	$16.2	$18.7
Pre-Tax Income		$229.5	$262.3	$309.7	$368.7	$475.9	$542.6
Income Tax Expense		$84.3	$94.43	$111.49	$132.71	$171.33	$195.33
		36.7%	36.0%	36.0%	36.0%	36.0%	36.0%
Net Income		$145.2	$167.9	$198.2	$235.9	$304.6	$347.3
Depreciation & Amortization		$154.4	$155.0	$155.0	$155.0	$155.0	$155.0
EBITDA		$394.1	$430.1	$478.4	$538.4	$647.1	$716.2
CASH FLOW
Capital Expenditures		$200	$211	$200	$196	$196	$193

Prepare a discounted cash flow analysis of Panera Bread based on the consensus forecast, with an exit valuation multiple of 16.8x EBITDA in 2021, and calculate the present value of one share.