Please provide detailed calculations on the excel sheet.

12)New Co. currently has free cash flow (FCF) of $12 million. A well- respected stock analyst estimates that this FCF will increase by 11 % for the next 5 years. The analyst estimates that at the end of 5 years the company's terminal value will be based on the year 5 FCF and the long term FCF growth rate of 6%.

Suppose New Co. has a beta of 1.3, the risk-free rate is 4%, and the market risk premium is 11%. The company has no debt and $10 million in excess cash on its balance sheet.New Co. has 9 million shares outstanding. (Provide detailed calculations on the excel sheet.)

A) Calculate the FCF's for years 1 - 5.

B) Calculate the terminal value for the slower growth period assuming all cash flows occur at year end.

C) Calculate the Enterprise value of New Co. assuming all cash flows occur at year end.

D) Calculate an Equity value and per share value for New Co. assuming all cash flows occur at year end.

E) Show how the per share value changes if you assume mid-year cash flows? Provide the detailed calculations on the excel sheet.

F) Suppose New Co. had $80 million in debt and its WACC was 13%. Calculate the new per share value of New Co. Refer to the steps in 2-4 for guidance. Provide detailed calculations on the excel sheet.