Use the terminal value and the NPV to come up with your Income Approach Valuation.

Use your team's operating s value income to Projected a Season Season Season Season Operating Income S40,943,228 S40,943,228 S40,943.228 S40,943,228 S40,943,228 S40,943,228 S40,943,228 S40,943,228 S40,943,228 S40,943,228 Growth 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.09% 0.0% Effective Tax Rate 35.0% 350% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% S14.330.130 S14.330.130 S14.330.130 S14.330.130 S14.330.130 S14.330,130 S14.330.1130 SI4.330130 S14.330.130 S 14.330.130 Income Tax Expense Net Income S26,613,098 $26,613,098 $26.613,098 S26,613,098 $26613,098 $26,613,098 S26,613,098 S26,613,098 $26,613,098 $26.613,098 Net Cash Flow $26,613,098 $26,613,098 $26,613,098 S26,613,098 S26,613,098 $26,613,098 $26,613,098 S26,613,098 $26,613,098 $26,613,098 Projected Season Season Season Year 18-19 S26,613,098 S26,613,098 S26, 613,098 S26, 613,098 S26,613,098 S26,613,098 S26,613,098 S26,613,098 S26,613,098 S26,613,098 Net Cash Flow Discount Period in Years 1 2 3 4 5 6 7 8 9 Discount Factor 0.8865 0.7859 0.6967 0.6177 0.5476 0.4855 0.4304 0.3815 0.3382 0.3382 (b) Discount Rate 12.80% Perpetual Growth Rate $458,846,524 S23.593.172 S20,915,933 S18,542,494 S16,438,381 S14.573,033 S12,919,355 S11.453,329 S10.153,661 S9,001,472 S155,197,796 Present Value Cash Flow Total Present Value $292,788, 626.0 Note (b) From Ibbotson's report on SIC 794 (Commercial Sports). Based on six companies in that industry, Ibbotson calculates that the median cost of equity capital is 12.48% 7.0%