Urgent help needed, answers can be Handwritten or Excel.You have been hired as a consultant to develop a valuation model for Andrews, Inc. The companys management has provided you with partial income statement and balance sheet informationbelow is actual information for the most recent year (2019) and projected information for 2020. Assume that all cash on the balance sheet is used for operations (i.e., there is no excess cash). You are being asked to value the company as of January 1, 2020 (today).

All numbers below are in millions. After 2020, the free cash flows are expected to grow at 3% per year. The firms cost of capital, i.e., its (after-tax) WACC, is 12%. The tax rate is 25%. There are 200 million shares outstanding.

a. What is your estimate of the 2020 Free Cash Flow for Andrews?

b. What is your estimate of the Firm Value of Andrews as of 1/1/20?

c. What is your estimate of Andrews' price per share as of 1/1/20?

($ millions) Income Statement Actual 2019 Projected 2020 Revenues Expenses (excluding depreciation) Depreciation expense EBIT Interest expense Earnings before taxes Taxes Net Income 10,000 7,200 200 2,600 100 2,500 625 1,875 11,000 7,920 240 2,840 100 2,740 685 2,055 Balance Sheet Assets Cash Accounts Receivable Inventory Total Current Assets Net PPE Total Assets Liabilities & Equity Accounts Payable Long Term Debt Total Shareholder's Equity Total Liabilities & Shareholders' Equity 2,300 3,400 1,250 6,950 11,500 18,450 2,484 3,672 1,350 7,506 12,420 19,926 1,335 6,115 11,000 18,450 1,442 7,340 11,144 19,926 ($ millions) Income Statement Actual 2019 Projected 2020 Revenues Expenses (excluding depreciation) Depreciation expense EBIT Interest expense Earnings before taxes Taxes Net Income 10,000 7,200 200 2,600 100 2,500 625 1,875 11,000 7,920 240 2,840 100 2,740 685 2,055 Balance Sheet Assets Cash Accounts Receivable Inventory Total Current Assets Net PPE Total Assets Liabilities & Equity Accounts Payable Long Term Debt Total Shareholder's Equity Total Liabilities & Shareholders' Equity 2,300 3,400 1,250 6,950 11,500 18,450 2,484 3,672 1,350 7,506 12,420 19,926 1,335 6,115 11,000 18,450 1,442 7,340 11,144 19,926