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Using the expected 2013 and forecasted income statement data from the HNZ Fcast worksheet and the tax rates in the HNZ Tax worksheet, calculate Heinz

Using the expected 2013 and forecasted income statement data from the HNZ Fcast worksheet and the tax rates in the HNZ Tax worksheet, calculate Heinz projected NOPAT from 2014 2018.

HNZ Fcast Worksheet:

For Fiscal Year Ending April,
(dollars in millions, 2013E 2014P 2015P 2016P 2017P 2018P
except per share data)
Revenue 11,529 12,141 12,657 13,112 13,744 14,446
EBITDA 2,057 2,195 2,340 2,453 2,613 2,789
EBIT 1,705 1,834 1,965 2,061 2,202 2,355
Fully diluted earnings per share $3.58 $3.78 $3.83 $4.00 $4.29 $4.60

HNZ Tax Worksheet:

Tax Rate History 2011 2012 2013
U.S. federal statutory tax rate 35.0% 35.0% 35.0%
Effective tax rate 26.2% 19.8% 18.0%

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