1. Submit this separately as an Excel file. No group work for this bonus.

   1. Value a company using the following information: (all dollar amounts in millions)

      1. WACC = 8%

      2. Tax rate = 21%

      3. Information about year 1: EBIT = $10, Depreciation = $1.5 and taxes = 2.1. Changes in net working capital are 0.8 and capital spending is 2.4.

      4. All of the items mentioned above (EBIT, depreciation, taxes, changes in NWC, and capital spending) will grow at 15% per year for the next 4 years. After that, these items will grow at 2% forever.

   2. After getting the value for the company as a whole, find the price per share of the company with the following additional information:

      1. The company has $40 million in debt.

      2. There are 3.5 million shares outstanding.

   3. 3 bonus points, added to your lowest test score will be awarded for correct answers. There will be no partial credit. Show your work (i.e. build and discount the necessary cash flows) in Excel.