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This question uses the same data as the previous question, shown below. You have been tasked with building a stand-alone DCF valuation for Milner Beverages,

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This question uses the same data as the previous question, shown below. You have been tasked with building a stand-alone DCF valuation for Milner Beverages, a publicly traded company, using the unlevered two-stage approach. You calculate the following: $ in millions 2016 (actual) 2017 2018 2019 2020 2021 2022 2023 110.0 120.0 150.0 170.0 200.0 250.0 280.0 Unlevered free cash flow In addition, you calculate the following: WACC 8.0% Perpetuity growth rate (annual growth rate of unlevered free cash flows after 2023) 3.0% Question: Calculate enterprise value as of April 4, 2017 (assume all cash flows occur at year end). Use exact dates. Assume calendar year (January 1-December 31) and an ACTUAL/ACTUAL month/year basis. 3,332.9 3,535.5 0 3,563.3 4,356.8 5,600.0

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