Question 3 (20% marks) Chiara Company's management has made the projections shown in the Table as follow. Historical Forecast 2 3 Year 1. Sales 35,348 29,982 30,450 14,987 2. Cost of goods sold 17,834 16,459 15,631 39,357 40,123 36,351 30,155 28,345 18,564 22,879 21,678 17,560 7,645 8,025 6,797 5,078 13,148 9,219 7,876 3. Other costs 4,678 4,987 5,134 4. EBITDA (1-2-3) 7,517 7,208 9,364 10,329 5. Depreciation 6,107 5,908 6,968 10,546 5,671 4,875 1,365 3,510 325 5,670 5,908 1,847 6. EBIT (Pretax profit) (4-5) 1,300 3,257 4,421 7. Tax at 28% 5,745 5,678 5,890 7,403 3,541 1,986 2,073 991 556 517 5,330 2,550 1,430 1,330 566 -54 -342 364 912 1,238 8. Profit after tax (6-7) 936 2,345 3,183 9. Change in working capital 784 -245 127 235 10. Investment (change in gross fixed assets) 5,235 6,467 6,547 7,345 5,398 5,470 6,420 6,598 Use this table as a starting point to value the company as a whole. The WACC for Chiara is 9.7%, and the forecast long- run growth rate after year 5 is 4.3%. The company, which is located in South Africa, has $ 5 million of debt and 865,000 shares outstanding. What is the value per share? (20 marks) Before starting to solve be careful; Support your answers with the appropriate calculations and justify your