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You are required to value a new business, West Pentire Apartments Ltd, which involves the acquisition of a new complex of residential apartments to let. You must forecast the annual financial statements over a 6-year horizon, and perform a discounted cash flow valuation of the business. Further information about the business is provided below. Non-Current Assets: - Land and improvements: 6,820,000 - Buildings and improvements: 11,100,000 - Furnishings and equipment: 214,000 - Furnishing and Equipment has a useful life 6 years - Furnishing and equipment has no residual values - The straight-line depreciation method is used Equity and Long-Term Debt: - Long-term loan: 7,500,000 - Number of years: 25 years (repaid in equal installments) - Interest rate: 6.0% per annum - Equity (capital contributed by the owners): 11,500,000 - Number of shares outstanding: 12,000 - Expected return on equity: 10.5% per annum Income - Apartment units: - Two-Bedroom apartment: 55 units - One-Bedroom apartment: 150 units - Studio apartment: 85 units - Monthly rents for the first year: - Two-Bedroom apartment: E1800 per month - One-Bedroom apartment: 945 per month - Studio apartment: 650 per month 5 - The expected vacancy rates are shown below: - Monthly rents are expected to increase each year as shown below: Expenses - The operating expenses for the first year are shown below: Expenses - The operating expenses for the first year are shown below: - Management fees are equal to 5.0% of Effective Gross income (EGI). EGI is defined in the financial statement structure provided in AppendixC. - Property taxes are expected to increase to 205,000 for Year 5 onwards. - All other operating expenses (i.e. excluding management fees and property taxes) are expected to increase each year at 2.0% per annum. Other Information - All long-term debt and equity will be issued by the end of Year 0. All capital expenditures will be made by the end of Year 0 . - The tenant deposit amounts for each year are shown below: 6 - Each year, the closing receivables balance is 5.0% of EGI, and the closing payables balance is 5.0% of operating expenses excluding depreciation. - Corporation tax is equal to 20% of income before tax. The business only pays corporation tax if it is making a profit. - The company's weighted average cost of capital (WACC) should be calculated using book values for Year 0. Assume that the company's WACC is constant each year. - After Year 6 , the free cash flow of the business will grow at the perpetuity growth rate of 2.0% per annum. d. Discounted Cash Flow valuation, including: i. Forecast free cash flow ii. Weighted average cost of capital (WACC) iii. Terminal value of the business iv. Fair value of the business v. Fair value per share You must follow the information provided in Appendix A and the Financial Statement Structure provided in Appendix C. Your model should include any necessary worksheets so the user can understand and navigate your model. Your model should be dynamic and flexible