XYZ Inc. Income Statement 2019A 2020A 2021A Sales Volume (000's units) 326.4 326.6 344.5 Unit Price (CDN$/unit) 654.0 707.9 594.4 Revenue (C$ MM) 213.5 231.2 204.8 Variable Cost (C$ MM) 95.0 97.4 100.9 Fixed Cost 65.0 65.0 67.0 S,G & A (C$ MM) 3.4 3.6 3.8 Total Costs (C$ MM) 163.4 166.0 171.7 EBITDA (C$ MM) 50.1 65.2 33.1 Depreciation (C$ MM) 15.4 15.5 15.8 EBIT (C$ MM) 34.7 49.7 17.3 Interest Expense (C$ MM) 15.0 15.0 14.0 EBT (C$ MM) 19.7 34.7 3.3 Total Income Taxes (C$ MM) 5.7 14.2 1.1 Net Income (C$ MM) $14.0 $20.5 $2.2 Average Diluted Shares O/S (MM's) 13.9 14.2 14.6 Earnings per Share (C$ / share) $1.01 $1.44 $0.15 Question: 1 What is the company expected share price for year 2022 to 2025? Consider the following assumptions: * The required rate of return is 10%, and the TV growth rate is 3% * The expected tax rate is 36% * The company current outstanding long term debt is $300 million at 5% interest rate, and it is expected to stay at the same level in the coming years * The company sales volume is expected to grow by 10% in 2022 and 2023, and by 5% in the following three years * The company sales price is expected to grow by the inflation rate (expected at 2%) * The expected capex is $10 million annually over the coming 5 years and is depreciated at a rate of 10% * The variable cost margin is expected to be 45% over the coming 5 years * Fixed cost and S,G & A are expected to increase by the inflation rate of 2% * The expected change in net working capital is 10% of the sales (usage)