VacMed. Snowflake is looking at another potential acquisition in the biomed field. The vaccine developer, Vac-Med, has projected sales of $225 million next year. Costs (including depreciation) are expected to be 68 percent of sales and depreciation and net investment (PPE and working capital) are expected to be 4 percent and 7 percent of sales, respectively. Sales are expected to grow at 25 percent the following year, with the growth rate declining by 5 percentage points per year until the growth rate reaches 5 percent, where it is expected to then drop to 4 percent the next year and remain there indefinitely, Vac-Med has debt of $165 million outstanding. There are 2.5 million shares of stock outstanding and investors require a return of 14 percent on the company's stock. The corporate tax rate is 23 percent Answer the following questions on a separate worksheet within your Excel file. Place your name and the name of the company at the top of the page. What is your estimate of the value of Vac-Med today? In answering, provide an explicit detailing of the following: The Operating Cash flow in T1 and T2 The Horizon value at the end of the non constant growth period. Your estimate of the Value of Operations. Your estimate of the Equity value per share