PLEASE SHOW WORK IN EXCEL

3% 9% 18% 14% 7. Suppose today is December 31, 2021, and 2021 has just ended; you have the sales revenue for 2021 and have forecasted the sales revenue for the next four years. Terrapin Industries has 75 million outstanding shares, $110 million in debt, $60 million in cash (in excess of working capital needs), and the following projected sales forecast for years 1, 2, 3 and 4. After year 4 free cash flows are projected to grow at a constant 3% forever. All dollar amounts are in millions; the share amount is in millions of shares. Sales in 2021 $400.00 Sales growth in 2022-2025 6% Long run growth rate Cost of capital EBIT as % of sales Net working capital as a % of sales Net working capital in year 2021 $56.00 Depreciation = $7 million each year $7.00 Capital Expenditure = $7.1 million each year $7.10 Cash (in excess of its working capital needs) at the end of 2021 $60.00 Cash forecast at the end of 2025 $70.00 Interest bearing debt at the end of 2021 $110.00 Debt forecast at the end of 2025 $130.00 Shares outstanding (in millions) Income Tax rate 32% Using the DCF method, estimate the price of the stock of Terrapins company as of today Year 2021 2022 2023 2024 2025 Sales & forecasted Sales 400.00 424.00 449.44 476.41 504.99 75