Solve Free Cash Flow, Value ops, Value firm, Value Equity, Value of share

Use the following information for Lind Manufacturing to calculate the value of a share of the company's stock at the end of 2020. Partial Income Statement for the Year Ending December 31 (Millions of Dollars) Actual Projected Projected 2020 2021 2022 Net Sales $ 11,000 $ 12,100 $ 13,310 Costs (except depreciation) 9,360 10,296 11,326 Depreciation 380 415 456 Total operating costs $ 9,740 10,711 $ 11,782 Earnings before interest and $ 1,260 $ 1,389 $ 1,528 taxes Projected 2021 $ $ 600 Actual 2020 550 110 2,750 2,100 3,850 Cash Marketable securities Accounts receivable Inventories Net plant and equipment 115 Projected 2022 $ 625 115 2,900 2,325 4,400 2,800 2,200 4,200 $ $ 1,200 $ 570 Accounts Payable Accruals Notes payable Long-term debt 1,100 550 384 1,100 1,350 600 500 1,200 500 1,200 Other information: Tax rate 25% FCF growth after 2022 3% WACC 10% Shares outstanding 150 million Use the following information for Lind Manufacturing to calculate the value of a share of the company's stock at the end of 2020. Partial Income Statement for the Year Ending December 31 (Millions of Dollars) Actual Projected Projected 2020 2021 2022 Net Sales $ 11,000 $ 12,100 $ 13,310 Costs (except depreciation) 9,360 10,296 11,326 Depreciation 380 415 456 Total operating costs $ 9,740 10,711 $ 11,782 Earnings before interest and $ 1,260 $ 1,389 $ 1,528 taxes Projected 2021 $ $ 600 Actual 2020 550 110 2,750 2,100 3,850 Cash Marketable securities Accounts receivable Inventories Net plant and equipment 115 Projected 2022 $ 625 115 2,900 2,325 4,400 2,800 2,200 4,200 $ $ 1,200 $ 570 Accounts Payable Accruals Notes payable Long-term debt 1,100 550 384 1,100 1,350 600 500 1,200 500 1,200 Other information: Tax rate 25% FCF growth after 2022 3% WACC 10% Shares outstanding 150 million