Please provide work and solutions on excel.

Durham Corporation currently has free cash flow (FCF) of $10 million. A well- respected stock analyst estimates that this FCF will increase by 10 % for the next 5 years. The analyst estimates that at the end of 5 years the companys terminal value will be based on the year 5 FCF and the long term FCF growth rate of 4%.

Suppose Durham has a beta of 1.2, the risk-free rate is 3%, and the market risk premium is 14%. The company has no debt and $10 million in excess cash on its balance sheet. Durham has 8 million shares outstanding.

1. Calculate the FCFs for years 1 5.

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

3. Calculate the Enterprise value of Durham assuming all cash flows occur at year-end.

4. Calculate an Equity value and per-share value for Durham assuming all cash flows occur at year-end.

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

6. Suppose Durham had $75 million in debt and its WACC was 10%. Calculate the new per-share value of Durham. Refer to the steps in 2-4 for guidance. Provide detailed calculations on the excel sheet.