Use the following data in the models indicated below to estimate the equity value of your subject firm, "Company X." Explicit Forecast Year 1 1,225,000.000 1,300,000.000 1,275,000.000 250,000.000 Year 2 1,280,125.000 1,358,500.000 1,332,375.000 261,250.000 Year 3 1,337,730.625 1,419,632.500 1,392,331.875 273,006.250 Year 4 1,397,928.503 1,483,515.963 1,454,986.809 285,291.531 Terminal Period Year 5 1,460,835.286 1,550,274.181 1,520,461.216 298,129.650 Free Cash Flow (FCFF) Unlevered Cash Flow (UCF) Equity Cash Flow (FCFE) Interest expense Market value of debt Cash & Financial Investments Kd (Cost of Debt) ) WACC (Weighted Average cost of Capital) Ku (Unlevered Cost of Capital) Ke (Cost of Equity) Shares Outstanding Terminal Growth Rate Current Figures Year 0 1,172,248.804 1,244,019.139 1,220,095.694 239,234.450 5,000,000.000 3,000,000.000 5.00% 12.04% 12.50% 15.83% 1,000,000 0 4.509 Corporate Valuation Model: Discounting Free Cash Flows at WACC WACC (Weighted Average Cost of Capital) 12.04% Forecast Year: 1 1,225,000.000 2 1,280,125.000 3 1,337,730.625 5 1,460,835.286 1,397,928.503 Free cash flow (FCFF) Terminal value present values Value of Operations minus Market Value of Debt equals Equity Value of Operations plus Cash & Financial Investments equals Intrinsic Value of Equity divided by Shares Outstanding equals Implied Price per Share Adjusted Present Value Model: Discounting Unlevered Cash Flows at Unlevered Cost of Capital Ku (Unlevered Cost of Capital) 12.50% Forecast Year: 4 5 1 1,300,000.000 2 1,358,500.000 3 1,419,632.500 1,483,515.963 1,550,274.181 UCF (Unlevered Cash Flow) Terminal value present values Value of Operations minus Market Value of Debt equals Equity Value of Operations plus Cash & Financial Investments equals Intrinsic Value of Equity divided by Shares Outstanding equals Implied Price per Share Equity Cash Flow Model: Discounting Equity Cash Flows at Cost of Equity Ke (Cost of Equity) 15.83% Forecast Year: 1 1,275,000.000 2 1,332,375.000 3 1,392,331.875 1,454,986.809 5 1,520,461.216 Equity cash flow (FCFE) Terminal value present values Equity Value of Operations