1. What is the firms working asset in 2018A?
   1. 80
   2. 70
   3. 40
   4. None of the above

2. What is the firms WCInv (working capital investment) in 2018E?

a. 20

b. 30

c. 40

d. None of the above

3. What is the firms FCFF in 2018E?

a. 8.5

b. 9.5

c. 10.5

d. None of the above

4. What is the firms operating margin in 2017A?

a. 32%

b. 60%

c. 19.6%

d. 18.7%

5. Now assume you have estimated firm value to be $1,000.88 million (after adding back cash). The firm has a bond value of $500 million, and has 20 million shares of common stock outstanding. What is the true value of the stock per share?
   1. 50.04
   2. 25.04
   3. 75.04
   4. 25

6. Now assume the stocks market price is $15 per share. As a stock analysis, your rating should be_________.
   1. Sell
   2. Buy
   3. Short
   4. None of the above

INC Sales COGS Gross Profit SG&A Depreciation exp EBIT Interest Exp. Pre-tax earnings Taxes 30%) NI 2018A 2017A 300 250 120 100 180 150 35 50 95 15 80 24 56 30 40 80 10 70 21 49 BS Cash AR Inventory Current Asset Gross PPE Accu. Dep. AP ST debt CL LT debt Common Stock Retained Earnings TL & E 2018A 2017A 10 30 40 80 400 -190 290 20 20 40 50 86 5 15 30 50 300 -140 210 20 10 30 100 50 30 210 CF (CFO 2018A only) NI Dep WCInv CFO 50 81