Question 3 Masilingi plc is a sports development academy listed on the Johannesburg Stock Exchange (JSE) with a cost of capital of 12 %. It has just determined its free cashflow of N$ 100 000, as shown below. N$'000 Value drivers Forecast data Sales grown Less 900 (600) 300 Margin Less Sales Operating expenses Pre-tax profit Tax paid Net operating profit after tax Depreciation Fixed capital investment (100) Tax rate 200 Add 75 Less (125) Less Additional working capital Capital expenditure Working Capital (50) Free cash flow 100 Calculate the shareholder value