Please answer in excel format.

6. Refer to the table containing the share price of company T and W below: Share T price 5. Refer to the table containing a company's financial statements below: Year ending 30-Jun-18 Number of shares on issue Cash $6,089,256 Company tax rate Other assets $84,947,093 Weighted average cost of capital Debt and liabilities $25,155,653 Growth rate in FCFs from 2022 Equity (book value) $65,880,696 4,344,335 30.00% 12.31% per annum 5.74% per annum Year ending Sales revenue Operating expenses Depreciation EBIT Interest pald Tax payable Net Income Growth 30-Jun-18 -- rate $71,687,735 3.10% $40,219,592 2.70% $24,135,494 4.00% $7,332,649 $3,675,178 8.10% $1,097,241 $2,560,230 4.72 4.78 5.19 5.06 5.43 5.44 5.74 5.25 4.88 4.86 Date 31-Dec-18 31-Jan-19 28-Feb-19 31-Mar-19 30-Apr-19 31-May-19 30-Jun-19 31-Jul-19 - 31-Aug-19 30-Sep-19 31-Oct-19 30-Nov-19 31-Dec-19 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 $73,910,055 $76,201,266 $78,563,506 $80,998,974 $41,305,521 $42,420,770 $43,566,131 $44,742,416 $25,100,914 $26,104,950 $27,149,148 $28,235, 114 $7,503,620 $7,675,546 $7,848,227 $8,021,444 $3,972,867 $4,294,670 $4.642.53-8 $5,018,583 $1,059,226 $1,014,263 $961,707 $900,858 $2,471,527 $2,366,614 $2,243,982 $2,102,002 Share W price 80.00 81.82 80.87 83.69 83.33 83.60 86.38 88.45 82.48 84.51 81.08 89.69 86.50 4.63 4.84 5.67 (a) Compute the returns for both companies. Please use the return definition used in the labs. (1 mark) ) Capital expenditure $9,245,312 6.00% Increase in working capital $2,735,756 2.50% $9,800,031 $2.804,150 $10,388,033 $11,011,315 $11,671,993 $2,874,254 $2,946,110 $2,946,110 $3,019,763 (b) Compute the average return and standard deviation for each of the returns. (2 marks) (a) Work out last year's (year ending 30 June 2018) free cash flows and the projected free cash flows (30 June 2019 - 30 June 2022) from these extracts from the company's financial statements. (3 marks) (c) Compute the Covariance between the returns. Provide a brief interpretation of what the Covariance measures. (2 marks) (d) Assume that you construct a portfolio where you invest 40% in company and 60% in company W. What is the average return and standard deviation of this portfolio? (2 marks) (b) Work out the Terminal Value of the free cash flows in 30 June 2021, using constant growth rate from 2022. (2 marks) (e) Assume that you construct a portfolio where you invest 60% in company T and 40% in company W. What is the average return and standard deviation of this portfolio? (2 marks) (c) Work out the enterprise value from the free cash flows and the terminal value. (2 marks) (d) Display the value per share of the equity in this company. (2 marks) (f) Based on the calculation in parts (d) and (e) above, which portfolio weighting you would like to choose, i.e., 40% in company T and 60% in company W or 60% in company T and 40% in company W? Please provide your reasoning. (1 mark) (e) Recalculate the value per share, based on mid-year discounting (with a nominal conversion of the annual discount rate) of the free cash flows. (1 mark) 6. Refer to the table containing the share price of company T and W below: Share T price 5. Refer to the table containing a company's financial statements below: Year ending 30-Jun-18 Number of shares on issue Cash $6,089,256 Company tax rate Other assets $84,947,093 Weighted average cost of capital Debt and liabilities $25,155,653 Growth rate in FCFs from 2022 Equity (book value) $65,880,696 4,344,335 30.00% 12.31% per annum 5.74% per annum Year ending Sales revenue Operating expenses Depreciation EBIT Interest pald Tax payable Net Income Growth 30-Jun-18 -- rate $71,687,735 3.10% $40,219,592 2.70% $24,135,494 4.00% $7,332,649 $3,675,178 8.10% $1,097,241 $2,560,230 4.72 4.78 5.19 5.06 5.43 5.44 5.74 5.25 4.88 4.86 Date 31-Dec-18 31-Jan-19 28-Feb-19 31-Mar-19 30-Apr-19 31-May-19 30-Jun-19 31-Jul-19 - 31-Aug-19 30-Sep-19 31-Oct-19 30-Nov-19 31-Dec-19 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 $73,910,055 $76,201,266 $78,563,506 $80,998,974 $41,305,521 $42,420,770 $43,566,131 $44,742,416 $25,100,914 $26,104,950 $27,149,148 $28,235, 114 $7,503,620 $7,675,546 $7,848,227 $8,021,444 $3,972,867 $4,294,670 $4.642.53-8 $5,018,583 $1,059,226 $1,014,263 $961,707 $900,858 $2,471,527 $2,366,614 $2,243,982 $2,102,002 Share W price 80.00 81.82 80.87 83.69 83.33 83.60 86.38 88.45 82.48 84.51 81.08 89.69 86.50 4.63 4.84 5.67 (a) Compute the returns for both companies. Please use the return definition used in the labs. (1 mark) ) Capital expenditure $9,245,312 6.00% Increase in working capital $2,735,756 2.50% $9,800,031 $2.804,150 $10,388,033 $11,011,315 $11,671,993 $2,874,254 $2,946,110 $2,946,110 $3,019,763 (b) Compute the average return and standard deviation for each of the returns. (2 marks) (a) Work out last year's (year ending 30 June 2018) free cash flows and the projected free cash flows (30 June 2019 - 30 June 2022) from these extracts from the company's financial statements. (3 marks) (c) Compute the Covariance between the returns. Provide a brief interpretation of what the Covariance measures. (2 marks) (d) Assume that you construct a portfolio where you invest 40% in company and 60% in company W. What is the average return and standard deviation of this portfolio? (2 marks) (b) Work out the Terminal Value of the free cash flows in 30 June 2021, using constant growth rate from 2022. (2 marks) (e) Assume that you construct a portfolio where you invest 60% in company T and 40% in company W. What is the average return and standard deviation of this portfolio? (2 marks) (c) Work out the enterprise value from the free cash flows and the terminal value. (2 marks) (d) Display the value per share of the equity in this company. (2 marks) (f) Based on the calculation in parts (d) and (e) above, which portfolio weighting you would like to choose, i.e., 40% in company T and 60% in company W or 60% in company T and 40% in company W? Please provide your reasoning. (1 mark) (e) Recalculate the value per share, based on mid-year discounting (with a nominal conversion of the annual discount rate) of the free cash flows. (1 mark)