shares, $$120$ million in debt and $$40$ million in cash. Sales in the last financial year were $$433.$ They are projected to grow at $8\mathrm{.}1\%$ next year, $10\mathrm{.}3\%$ in the second year, and $6\%$ in the third year. From the fourth year onwards, sales will grow at $5\%$ per year. Furthermore, you are given that in the last financial year, Sora's i$)$ cost of goods sold was $67\%$ of sales, ii$)$ selling, general and administrative expenses were $20\%$ of sales, iii$)$ depreciation was $1\mathrm{.}5\%$ of sales, iv$)$ gross fixed assets were $22\mathrm{.}5\%$ of sales, and v$)$ NWC was $18\%$ of sales. Assuming these ratios remain constant forever, the tax rate for the firm is $40\%,$ and the WACC is $10\%$ :

a$.$ What is the stock price of Sora Industries?

b$.$ Sora's cost of goods sold was assumed to be $67\%$ of sales. If its cost of goods sold is actually$\_70\%$ of sales, how would the estimate of the stock's value change?

c$.$ Sora's net working capital needs were estimated to be $18\%$ of sales $($their current level in year $0).$ If Sora can reduce this requirement to $12\%$ of sales starting in year $1,$ but all other assumptions remain as in part $($a$),$ what stock price do you estimate for Sora?

Please write out solutions by hand and not excel. Thank you.