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8. Discounted cash-flow valuation. We wish to estimate the value of Portal Inc. under alternative assumptions about the firm's performance. a. Using the discounted cash flow (DCF) approach to valuation and the following assumptions, provide an estimate of Portal's value. This year sales are expected to be $750 million. They are expected to grow at a rate of 5 percent per year for the next four years, and then at 3 percent per year forever The pre-tax operating margin currently at 15 percent will grow at a rate of 1 percent every year for four years and then stabilize at 20 percent forever The working capital requirement to sales ratio will remain at its current level of 18 percent forever Capital expenditure will be $50 million this year and will grow at the same rate as the sales Annual depreciation expense for the current year will be $50 million and then grow at the same rate as the capital expenditure Portal Inc. has $500 million of debt outstanding. It can borrow at 6 percent Portal's income tax rate is 40 percent Portal's beta is 1.05. The risk-free rate and the market risk premium are 5 percent The debt-to-total-capital ratio of Portal, at market value, is 50 percent the following: 1.05. The risk