please include excel formulas

value we SES ULU Company ars' results for Niccair Corp. are given are - all cash flows occur at year-end. 8. (Challenge problem) The last 5 years' results for Niccair Corp below. Value the crow. Value the company's stock based on a model of FCF growth of your sign and the following additional facts. (This is not an easy problem, and it has no explicit answer valuation is often like that!) Niccair's 2003 year-end debt is $750 million. Niccair's 2003 year-end cash is $50 million The company has a cost of debt of r = 5%. The company has 44.080,000 shares outstanding, the end-2003 share price is $37. Niccair's share p = 0.437, r,- 3%, and Ers) = 12%. 3 Net income 4 Depreciation 5 Changes in not working capital 6 Capital expenditures 7 Net interest paid before taxes 8 Tax rate B C D E F NICCAIR CORPORATION, 2011-2015 31-Dec-15 31-Dec-14 3 1-Dec-13 31-Dec-12 31-Dec-11 $105,300,000 $128,000,000 $122,100,000 $35,800,000 $116,300,000 $161,700,000 $155,000,000 $148,800,000 $145,100,000 $141,600,000 -12.600.000 DAR 200 401 000 000 000.000.000 213.40 -181,300,000 -192,500,000 -185,700,000 -158,400,000 -154,000,000 41.100.000 -34,600,000 46,900,000 -50,600,000 -45,500,000 37.84% 31.03% 32.62% 16.94% 34.56% allenge problem) The last 5 years' results for Niccair Corp. are given value the company's stock based on a model of FCF growth of your own design and the followine additional facts. (This is not an easy problem, and it has no explicit answer-valuation is often like that!) Niccair's 2003 year-end debt is $750 million. Niccair's 2003 year-end cash is $50 million. The company has a cost of debt of r = 5%. The company has 44,080,000 shares outstanding: the end-2003 share price is $37. Niccair's share p = 0.437. r;= 3%, and E(M)= 12%. 3 Net income 4 Depreciation 5 Changes in net working capital 6 Capital expenditures Z Net interest paid before taxes 8 Tax rate D E 1 NICCAIR CORPORATION, 2011-2015 31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 $105,300,000 $128,000,000 $122,100,000 $35,800,000 $116,300,000 $161,700,000 $155,000,000 $148,800,000 $145,100,000 $141,600,000 -12,600,000 268,300,000 491,300,000 233,000,000 213,400,000 -181,300,000 -192,500,000 -185,700,000 -158,400,000 -154,000,000 -41,100,000 -34,600,000 -46,900,000 -50,600,000 -45,500,000 37.84% 31.03% 32.62% 16.94% 34.56% value we SES ULU Company ars' results for Niccair Corp. are given are - all cash flows occur at year-end. 8. (Challenge problem) The last 5 years' results for Niccair Corp below. Value the crow. Value the company's stock based on a model of FCF growth of your sign and the following additional facts. (This is not an easy problem, and it has no explicit answer valuation is often like that!) Niccair's 2003 year-end debt is $750 million. Niccair's 2003 year-end cash is $50 million The company has a cost of debt of r = 5%. The company has 44.080,000 shares outstanding, the end-2003 share price is $37. Niccair's share p = 0.437, r,- 3%, and Ers) = 12%. 3 Net income 4 Depreciation 5 Changes in not working capital 6 Capital expenditures 7 Net interest paid before taxes 8 Tax rate B C D E F NICCAIR CORPORATION, 2011-2015 31-Dec-15 31-Dec-14 3 1-Dec-13 31-Dec-12 31-Dec-11 $105,300,000 $128,000,000 $122,100,000 $35,800,000 $116,300,000 $161,700,000 $155,000,000 $148,800,000 $145,100,000 $141,600,000 -12.600.000 DAR 200 401 000 000 000.000.000 213.40 -181,300,000 -192,500,000 -185,700,000 -158,400,000 -154,000,000 41.100.000 -34,600,000 46,900,000 -50,600,000 -45,500,000 37.84% 31.03% 32.62% 16.94% 34.56% allenge problem) The last 5 years' results for Niccair Corp. are given value the company's stock based on a model of FCF growth of your own design and the followine additional facts. (This is not an easy problem, and it has no explicit answer-valuation is often like that!) Niccair's 2003 year-end debt is $750 million. Niccair's 2003 year-end cash is $50 million. The company has a cost of debt of r = 5%. The company has 44,080,000 shares outstanding: the end-2003 share price is $37. Niccair's share p = 0.437. r;= 3%, and E(M)= 12%. 3 Net income 4 Depreciation 5 Changes in net working capital 6 Capital expenditures Z Net interest paid before taxes 8 Tax rate D E 1 NICCAIR CORPORATION, 2011-2015 31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 $105,300,000 $128,000,000 $122,100,000 $35,800,000 $116,300,000 $161,700,000 $155,000,000 $148,800,000 $145,100,000 $141,600,000 -12,600,000 268,300,000 491,300,000 233,000,000 213,400,000 -181,300,000 -192,500,000 -185,700,000 -158,400,000 -154,000,000 -41,100,000 -34,600,000 -46,900,000 -50,600,000 -45,500,000 37.84% 31.03% 32.62% 16.94% 34.56%