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You are considering an investment into Company XYZ and need to determine the company's value and the appropriate investment amount. You have been provided with historical financial statements for the past three years in order to build a forecast model. Key assumptions to use include: 1. Future sales revenue is assumed to increase at 2.5% annually. 2. Gross margin for 2021E is assumed to be equal to the average gross margin % for 2019 and 2020, but will decrease by 2.5% (i.e. 250 bps) each year thereafter 3. SG&A expense is assumed to be a percentage of revenue for the forecast period. That percentage is equal to the 2018-2020 average 4. Depreciation expense is assumed to be a percentage of revenue for the forecast period. That percentage is equal to the 2018-2020 average 5. The tax rate for the forecast period is assumed to be equal to the effective tax rate for 2018 6. Capital expenditures for any given year in the forecast period is assumed to be 3x the prior year's depreciation expense. For example, 2021 capital expenditures is equal to 3x 2020 depreciation expense. 7. No new debt or equity is assumed to be issued 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Income Statement Sales Revenue Cost of Sales Gross Profit $50,000 ($22,500) $27,500 $45,000 ($22,500) $22,500 $48,000 ($26,400) $21,600 SG&A Expense Depreciation Expense Income Before Income Taxes Income Taxes Net Income ($3,750) ($4,250) $19,500 ($5,363) $14,138 ($3,375) ($3,825) $15,300 ($4,895) $10,405 ($3,600) ($4,080) $13,920 ($4,488) $9,432 1 What is Gross Profit in 2028E using the assumptions listed above and on the Control Panel? Review Later $30,704 $27,780 $40,938 $17,545 2 What is EBITDA in 2022E using the assumptions listed above and on the Control Panel? Review Later $14,625 $17,404 $20,172 $18,911