PLEASE HELP WITH QUESTION 3 BELOW IN THE PICTURE:

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REQUIREMENT: Using a marginal tax rate of 40% and a market risk premium of 5%, Use the following table to model the free cash flows for American Greetings for fiscal years 2012 through 2015. Forecast the Steady State cash flows to determine the Terminal Value.

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SRB 508 EXHIBIT 2 | American Greetings Income Statement, December 2011 (in millions of dollars) 2008 2009 2010 2011E (Feb 2009) (Feb 2010) (Feb 2011) (Feb 2012) Total American Greetings Figures Total Revenue 1.691 1,636 1,593 1,677 Material, Labor, and Other Pruduction Costs 713 743 Selling, Distribution, and Marketing Expenses 526 Administrative and General Expenses 226 258 Goodwill and Other Intangible Asset Impairmonts Other Operating Expenses Operating Income Net Interest and Other Nonoperating Expenses Income Before Income Tax Expense Income Tax Expense Not Income 1918 Earnings Per Share (Basic) Dividends per Share 0.60 0.36 1,095 1.215 By Business Unit Operating Segment Not Sales North American Social Expression Products International Social Expression Products Retail Operations AG Interactive 1.235 254 1,191 262 Operating Sogmont Earnings North American Social Expression Products International Social Expression Products Retail Operations AG Interactive (162 704 357 823 Total Revenue by Product Category Everyday Greeting Cards Seasonal Greeting Cards Gift Packaging Other Revenue All Other Products 764 369 221 240 408 239 345 244 176 EXHIBIT .3 | American Greetings Balance Sheet' (in millions of dollars) 2010 (Feb 2011) 2011E (Feb 2012) (Feb 2010) 172 130 677 Cash and Cash Equivalents Trade Accounts Receivable Inventories Prepaid Expenses Other Current Assets Total Current Assets Net Property, Plant, and Equipment and Other Total Assets Debt Due within One Year Accounts Payable Other Current Liabilities Current Liabilities 10 000 859 1.536 272 369 Long-Term Debt Other Liabilities Shareholders' Equity Total Liabilities and Shareholders' Equity 196 636 1.529 235 206 752 1.536 O Edit & Create EXHIBIT .6 | Comparable Firms, End of 2011 (in millions of dollars except share price) Share Shares Total Total EBITDA Price Outstanding Cash Dobt Value Rovonuo EBITDA Multiplo American Greetings 12.51 38.3 1,660 3.5 Blyth 56.80 984 11.7 Consolidated Graphics 48.28 10.2 1.050 5.6 CSS Industries 19.92 453 Deluxe 22.76 1.420 Hallmark NA Lancaster Colony 69.34 1.090 Meredith 32.65 1350 Scholastic 29.97 31.1 100 27.3 + N2 44.8 1950 ROA ROE American Greetings Blyth Consolidated Graphics CSS Industries Deluxe Hallmark Lancaster Colony Meredith Scholastic 1.85 NA 42 104 Historical Market Risk Premium Equity Market Index Less Government Debt 5.5% U.S. Real GDP Annual Growth Rate U.S. GDP Annual Deflator Rate Consumer Price Index Annual Rate Year Forecast-3 3.3% 1.8% 2.2% 3. Using a marginal tax rate of 40% and a market risk premium of 5%, Use the following table to model the free cash flows for American Greetings for fiscal years 2012 through 2015. Forecast the Steady State cash flows to determine the Terminal Value 2011A 2012 2013 2014 2015 SS Revenue Growth 5.3% 1.0% 15% 20% 25% 3.0% Operating Margin 90% 90% 90% 9.0% 9.0% 9.4% NWC Turnover 5.02 6.00 6.50 7.00 7.50 7.50 1.95 1.95 1.95 1.95 1.95 FA Turnover WACC 9.1% Tax Rate 40% Revenue Exhibit 2 Exhibit 2 EBIT =Revenue NWC TO NWC Exhibit 3 =Revenue FA Fixed Assets Exhibit 3 TO =EBIT*(1- T) (NWC+FA) ROC Focus Tax Rate Exchabit 2 Revenue/NWC NWC Echibit 3 TO -Revenue/FA Fixed Assets Exhibit 3 TO EBIT (1 T) (WC+FA) NOPA Change in NWC Change in NFA FCF DCF PV Debt Exhibit 6 Equity Shares Implied Price Exhibit 6 SRB 508 EXHIBIT 2 | American Greetings Income Statement, December 2011 (in millions of dollars) 2008 2009 2010 2011E (Feb 2009) (Feb 2010) (Feb 2011) (Feb 2012) Total American Greetings Figures Total Revenue 1.691 1,636 1,593 1,677 Material, Labor, and Other Pruduction Costs 713 743 Selling, Distribution, and Marketing Expenses 526 Administrative and General Expenses 226 258 Goodwill and Other Intangible Asset Impairmonts Other Operating Expenses Operating Income Net Interest and Other Nonoperating Expenses Income Before Income Tax Expense Income Tax Expense Not Income 1918 Earnings Per Share (Basic) Dividends per Share 0.60 0.36 1,095 1.215 By Business Unit Operating Segment Not Sales North American Social Expression Products International Social Expression Products Retail Operations AG Interactive 1.235 254 1,191 262 Operating Sogmont Earnings North American Social Expression Products International Social Expression Products Retail Operations AG Interactive (162 704 357 823 Total Revenue by Product Category Everyday Greeting Cards Seasonal Greeting Cards Gift Packaging Other Revenue All Other Products 764 369 221 240 408 239 345 244 176 EXHIBIT .3 | American Greetings Balance Sheet' (in millions of dollars) 2010 (Feb 2011) 2011E (Feb 2012) (Feb 2010) 172 130 677 Cash and Cash Equivalents Trade Accounts Receivable Inventories Prepaid Expenses Other Current Assets Total Current Assets Net Property, Plant, and Equipment and Other Total Assets Debt Due within One Year Accounts Payable Other Current Liabilities Current Liabilities 10 000 859 1.536 272 369 Long-Term Debt Other Liabilities Shareholders' Equity Total Liabilities and Shareholders' Equity 196 636 1.529 235 206 752 1.536 O Edit & Create EXHIBIT .6 | Comparable Firms, End of 2011 (in millions of dollars except share price) Share Shares Total Total EBITDA Price Outstanding Cash Dobt Value Rovonuo EBITDA Multiplo American Greetings 12.51 38.3 1,660 3.5 Blyth 56.80 984 11.7 Consolidated Graphics 48.28 10.2 1.050 5.6 CSS Industries 19.92 453 Deluxe 22.76 1.420 Hallmark NA Lancaster Colony 69.34 1.090 Meredith 32.65 1350 Scholastic 29.97 31.1 100 27.3 + N2 44.8 1950 ROA ROE American Greetings Blyth Consolidated Graphics CSS Industries Deluxe Hallmark Lancaster Colony Meredith Scholastic 1.85 NA 42 104 Historical Market Risk Premium Equity Market Index Less Government Debt 5.5% U.S. Real GDP Annual Growth Rate U.S. GDP Annual Deflator Rate Consumer Price Index Annual Rate Year Forecast-3 3.3% 1.8% 2.2% 3. Using a marginal tax rate of 40% and a market risk premium of 5%, Use the following table to model the free cash flows for American Greetings for fiscal years 2012 through 2015. Forecast the Steady State cash flows to determine the Terminal Value 2011A 2012 2013 2014 2015 SS Revenue Growth 5.3% 1.0% 15% 20% 25% 3.0% Operating Margin 90% 90% 90% 9.0% 9.0% 9.4% NWC Turnover 5.02 6.00 6.50 7.00 7.50 7.50 1.95 1.95 1.95 1.95 1.95 FA Turnover WACC 9.1% Tax Rate 40% Revenue Exhibit 2 Exhibit 2 EBIT =Revenue NWC TO NWC Exhibit 3 =Revenue FA Fixed Assets Exhibit 3 TO =EBIT*(1- T) (NWC+FA) ROC Focus Tax Rate Exchabit 2 Revenue/NWC NWC Echibit 3 TO -Revenue/FA Fixed Assets Exhibit 3 TO EBIT (1 T) (WC+FA) NOPA Change in NWC Change in NFA FCF DCF PV Debt Exhibit 6 Equity Shares Implied Price Exhibit 6