Please show formulas and calculations and not just results and numbers, and explain rationale for answers.

You have the following information for Crown Inc. for the current year (Y0). Assume there are 50M shares outstanding,

Income Statement (M$)	Y0	Y1
Sales	1400	1750
Cost of Goods Sold	700	840
SG&A	200	220
Depreciation	100	100
Earnings Before Interest & Tax (EBIT)	400	590
Interest Expense	40	25
Earnings Before Tax	360	565
Taxes (40%)	144	226
Net Income	216	339
Dividends	100	100
Add to retained earnings		239
Balance Sheet (M$)	Y0	Y1
Cash	100	144
Accounts Receivable	300	375
Inventories	500	600
Current Assets	900	1119
Gross PPE	400	550
Accumulated Depn	300	400
Net Fixed Assets	100	150
TOTAL ASSETS	1000	1269
Accruals	25	25
Accounts Payable	150	180
Notes Payable	75	75
Current Liabilities	250	280
Long Term Debt	350	350
Common Stock	100	100
Retained Earnings	300	539
Total Liability & Equity	1000	1269

1. Estimate the stock price for Crow Inc. using discounted cash flows.Assume Crown Inc. grows at 5% after year 1, the cost of capital is 15% and cash is a non-operating asset.You will need the free cash flow for year 1 and the horizon value as part of the solution.

2. Pacman Inc. has a forward P-E multiple of 4.5x.Use this to estimate the stock price for Crown.