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J. Clark Inc. (JCI), a manufacturer and distributer of sports equipment, has grown until it has become a stable, mature company. Now JCI is planning its first distribution to shareholders. Shown below are the most recent year's financial statements and projections for the next year, 2020 (JCI has a fiscal year ending on June 30). JCI plans to liquidate $500 million of its short-term securities and distribute them on July 1, 2020, the first day of the next fiscal year, but has not yet decided whether to distribute with dividends or with stock repurchases.
									Inputs
									Amount of distribution		$500
									Tax rate		25%
WACC		11.0%
Number of shares		1,000
FCF constant growth rate		6.0%
		Actual	Projected
Income Statement (Millions of Dollars)		06/30/2019	06/30/2020
Net Sales		$19,490	$20,658
Costs (except depreciation)		$16,000	$16,960
Depreciation		$1,300	$1,378
Earning before int. & tax		$2,190	$2,320
Interest expense		$150	$152
Earnings before taxes		$2,040	$2,168
Taxes		$510	$542
Net income		$1,530	$1,626

								Below is the question

37 d. What is JCI's current intrinsic stock price (the price on 6/30/2019)? What is the projected intrinsic stock 88 price for 6/30/2020? See below for 39 calculations 90 . What is the projected intrinsic stock price on 7/1/2020 if JCI distributes the cash as dividends? See below for 91 calculations. 92. What is the projected intrinsic stock price on 7/1/2020 if JCI distributes the cash athrough stock 93 repurchases? How many shares will remain outstanding after the repurchase? See below for 94 calculations. Distribute Distribute && 6/30/2019 6/30/2020 Dividend 7/1/2020 Repurchas 7/1/2020 & 100 101 102 103 Value of operations +Value of nonoperating assets Total intrinsic value of firm - Debt Intrinsic value of equity Number of shares Intrinsic price per share 104 105 100 107 100 109 37 d. What is JCI's current intrinsic stock price (the price on 6/30/2019)? What is the projected intrinsic stock 88 price for 6/30/2020? See below for 39 calculations 90 . What is the projected intrinsic stock price on 7/1/2020 if JCI distributes the cash as dividends? See below for 91 calculations. 92. What is the projected intrinsic stock price on 7/1/2020 if JCI distributes the cash athrough stock 93 repurchases? How many shares will remain outstanding after the repurchase? See below for 94 calculations. Distribute Distribute && 6/30/2019 6/30/2020 Dividend 7/1/2020 Repurchas 7/1/2020 & 100 101 102 103 Value of operations +Value of nonoperating assets Total intrinsic value of firm - Debt Intrinsic value of equity Number of shares Intrinsic price per share 104 105 100 107 100 109