Using the above information, perform a valuation of NOG (Pty) Ltds equity by using the free cash flow technique

Profit before interest and tax 12 500 15 428 19 048 23 681 Interest (debentures) 2 500 2 500 2 500 2 500 Profit before tax 10 100 12 928 16 548 21 181 Tax 2101 2 689 3442 4 406 Profit after tax 7 999 10 239 13 106 16 776 Further information: The preference share duidend is currently N51 440 000 and the management of NOG (Pty) Lid has indicated that the current duidend pay-out ratio will be maintained in the future. Growth In after-tax earnings for 2024 and thereafter is expected to be 5% per annum. Depreciation will fluctuate, but for the purposes of the valuation, assume the 2023 charge will continue indefinitely. The NAMRA acknowledges NOG's depreciation policy. You can assume that NOG annualy Invests the same amount as the depreciation charge in order to maintain and replace current assets. The current tax rate is 28% and this is expected to remain constant in the foreseeable future Debentures and preference shares are not redeemable and Investors in the market can eam 14% and 10% respectively on these investments. The cost of equity of NOG (Pty) Ltd is 19.5% while the weighted average cost of capital is 15% Profit before interest and tax 12 500 15 428 19 048 23 681 Interest (debentures) 2 500 2 500 2 500 2 500 Profit before tax 10 100 12 928 16 548 21 181 Tax 2101 2 689 3442 4 406 Profit after tax 7 999 10 239 13 106 16 776 Further information: The preference share duidend is currently N51 440 000 and the management of NOG (Pty) Lid has indicated that the current duidend pay-out ratio will be maintained in the future. Growth In after-tax earnings for 2024 and thereafter is expected to be 5% per annum. Depreciation will fluctuate, but for the purposes of the valuation, assume the 2023 charge will continue indefinitely. The NAMRA acknowledges NOG's depreciation policy. You can assume that NOG annualy Invests the same amount as the depreciation charge in order to maintain and replace current assets. The current tax rate is 28% and this is expected to remain constant in the foreseeable future Debentures and preference shares are not redeemable and Investors in the market can eam 14% and 10% respectively on these investments. The cost of equity of NOG (Pty) Ltd is 19.5% while the weighted average cost of capital is 15%