The last 5 years results for Whitby Corp. are below. Build a financial model in Excel that values the companys stock based on a model of free cash flow (FCF) growth of your own design and the following additional facts. Whitby Corp.s 2019 year-end debt was $850 Million. The 2018 year-end debt was $800 Million Whitby Corp.s 2019 year-end cash was $50 Million The company has 65 million shares outstanding Whitby's current stock price is $30.00 Whitbys stock beta is 1.10 The risk-free rate is 2% The expected return of the market is 10% Future FCF growth is expected to be 1.5% Required: Show the calculation of the annual free cash flows (FCFs) for the company. (1 mark) Value Whitbys stock using 2019 FCF as the base year free cash flow. (2 marks) Value Whitbys stock price using the 5 year average FCF as the base free cash flow. (2 marks) Given the current market price of Whitbys stock, which base FCF is closer to the markets estimate? (1 mark) Presentation (2 marks) Note: You will need to calculate the firms weighted average cost of capital (WACC) in order to value the FCF. This WACC will also be used in Question 2. Here is a link to the data below. Link 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 Net income $68,000,000 $127,500,000 $158,500,000 $56,000,000 $115,500,000 Depreciation $85,500,000 $83,000,000 $80,000,000 $77,000,000 $75,000,000 Changes in net working capital -19,500,000 26,500,000 -35,000,000 45,000,000 -28,000,000 Capital expenditures -33,500,000 -31,000,000 -30,500,000 -27,500,000 -25,500,000 Net interest paid before taxes -37,500,000 -36,500,000 -38,000,000 -37,750,000 -38,750,000 Tax rate 35.50% 33.00% 32.60% 25.45% 33.00% Upload