1. IG International believes that Axalta is a takeover target. Use the Supernormal then Constant Growth Model and the information below to find Axalta’s value.

Beta	1.10
Sales, Year t	$4,482,200
Supernormal g	0.05
Constant g	0.02
Operating income	488,200
Earnings before taxes	330,000
Taxes	77,400
Capital expenditures	112,500

2. Mondelez is on several takeover target lists. Use the Supernormal then Zero Growth Model and the information below to find Mondelez’ value.

Beta	1.00
Sales Year t	25,896
Supernormal g	0.08
Operating income	3,506.00
Tax rate	0.30
Capex	1,014.00