Q.1

JenBritt Incorporated had a free cash flow (FCF) of $88 million in 2019. The firm projects FCF of $260 million in 2020 and $480 million in 2021. FCF is expected to grow at a constant rate of 5% in 2022 and thereafter. The weighted average cost of capital is 10%. What is the current (i.e., beginning of 2020) value of operations? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to two decimal places.

Q.2.

Current and projected free cash flows for Radell Global Operations are shown below.

	Actual	Projected
	2019	2020	2021	2022
Free cash flow	$604.400	$665.080	$705.127	$754.220
(millions of dollars)

Growth is expected to be constant after 2021, and the weighted average cost of capital is 11.95%. What is the horizon (continuing) value at 2022 if growth from 2021 remains constant? Do not round intermediate calculations. Do not round the growth rate. Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number.

Q.3

Ogier Incorporated currently has $800 million in sales, which are projected to grow by 8% in Year 1 and by 5% in Year 2. Its operating profitability (OP) is 10%, and its capital requirement (CR) is 80%. Do not round intermediate calculations. Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to two decimal places.

What are the projected sales in Years 1 and 2?

Sales in Year 1:	$ million
Sales in Year 2:	$ million

What are the projected amounts of net operating profit after taxes (NOPAT) for Years 1 and 2?

NOPAT for Year 1:	$ million
NOPAT for Year 2:	$ million

What are the projected amounts of total net operating capital (OpCap) for Years 1 and 2?

OpCap for Year 1:	$ million
OpCap for Year 2:	$ million

What is the projected FCF for Year 2?

$ million