The Proctor & Gamble Corporation is used as an example for chapter 8. There are several tables and charts of financial and accounting data.

• Use the EOY values based on those projected for 2018 (not actual for 2017)
• Assume same number of shares outstanding and a stock price of 91.18
• EPS is calculated as NI/shares

Accomplish these 4 steps

1. Calculate the corporate valuation of P&G for 2018 using the 4 evaluation methods. You mustshow your work to derive the valuation for credit.
2. What is the most likely value of the firm and why?
3. Comment on the goodwill & intangibles; significance?
4. Comment on the treasury stock and effect; significance

TABLE 8-7 P&GS Actual Balance Sheets for Fiscal 2015 and 2017 Gin millions) Balance Sheet 6/30/16 6/30/17 Percent Change Asus Cash and Equivalent 57.100 $8.5 Accounts Recente 5.850 Inventory 4.716 Other Current Act 16.014 11.07 Total Current Act 33.70 * Property and Equipment 19.15 1995 9 Coalan Intangibles Other Long-Terma 5192 S. 10 Total Assets 127.1.36 Liabilities Accounts Payable 16.774 166 -1 Other Current Liabilities 13.554 Total Current Liabilities 30.770 20210 Long-Term Debe 18.945 . -55 Other Long Term Liabilities 19:43 130 5 Total Lubilities Equity Common Stock 4.00 Retained aming Treasury Stock 2,176 191,7151 Paid in Capital & Other 48,197 19.30 Total Equity 57,95 55,778 Total Liabilities and Equity 5127,146 $120.406 TABLE 8-6 P&G's Actual Income Statements for 2016-2017 (in millions) Income Statement 6/30/16 6/30/17 Percent Change Revenues 565.299 SSS.SK -0.37 Cost of Goods Sold 32.909 322515 -1.149 Gross Profit $2.390 0:41 Operating Expenses 18.801 1955 EBIT 1294 13.722 Interest Expense 579 EBT 1319 13.257 -0.549 Tax 3.342 Non-Recurring Events 5.12 966.94 Net Income 10.508 15.336 45.85 TABLE 8-1 P&G Input Data Needed for EPS/EBIT Analysis P&G Input Data The Number $ Amount of Capital Needed 55.000 milline EBIT Range $10.000 $18.000 million Interest Rate 58 Tax Rate 239 Stock Price 594.17 Shares Outstanding 2.550 million TABLE 8-7 P&GS Actual Balance Sheets for Fiscal 2015 and 2017 Gin millions) Balance Sheet 6/30/16 6/30/17 Percent Change Asus Cash and Equivalent 57.100 $8.5 Accounts Recente 5.850 Inventory 4.716 Other Current Act 16.014 11.07 Total Current Act 33.70 * Property and Equipment 19.15 1995 9 Coalan Intangibles Other Long-Terma 5192 S. 10 Total Assets 127.1.36 Liabilities Accounts Payable 16.774 166 -1 Other Current Liabilities 13.554 Total Current Liabilities 30.770 20210 Long-Term Debe 18.945 . -55 Other Long Term Liabilities 19:43 130 5 Total Lubilities Equity Common Stock 4.00 Retained aming Treasury Stock 2,176 191,7151 Paid in Capital & Other 48,197 19.30 Total Equity 57,95 55,778 Total Liabilities and Equity 5127,146 $120.406 TABLE 8-6 P&G's Actual Income Statements for 2016-2017 (in millions) Income Statement 6/30/16 6/30/17 Percent Change Revenues 565.299 SSS.SK -0.37 Cost of Goods Sold 32.909 322515 -1.149 Gross Profit $2.390 0:41 Operating Expenses 18.801 1955 EBIT 1294 13.722 Interest Expense 579 EBT 1319 13.257 -0.549 Tax 3.342 Non-Recurring Events 5.12 966.94 Net Income 10.508 15.336 45.85 TABLE 8-1 P&G Input Data Needed for EPS/EBIT Analysis P&G Input Data The Number $ Amount of Capital Needed 55.000 milline EBIT Range $10.000 $18.000 million Interest Rate 58 Tax Rate 239 Stock Price 594.17 Shares Outstanding 2.550 million