Sora Industries has 60 million outstandingshares, $ 128 million indebt, $ 57 million incash, and the following projected free cash flow for the next fouryears:

Year Earnings and FCF Forecast is million ) Sales 4330 468 0 5160 547 0 574 3 Growth VS . Prior Yea B. 1 9/ 0. 39/ 6 0 4 /6 5. DE 3 Cost of Goods Sold 1313 . 6 ) ( 345 7 ) ( 36 6 .5 ) (384 8) 4 Gross Profit 154.4 170.3 1805 183 5 5 Selling , General , & Admin (93 . 6 ) ( 103.2 ) ( 109 .4 ) (114.9 ) 6 Depreciation (7.0 ) (7.5 180 195) 7 EBIT 53 8 59 . 6 B2 652 8 Less Income Tax at 40 4 (21. 5) (23 8 ) (24. 8 ) ( 26. 1 ) 9 Plus : Depreciation 70 7.5 30 9.5 1 Less : Capital Expenditures (7.7 ) ( 10.0) (89 ) ( 10.4 ) It Less Increase in NINE (6.3 ) 18.6 ) (56 ) 14.9 12 Free Cash Flow 25 3 24 6 30 8 33. 3