You are asked to choose a firm to value and you decide to choose Dunder Mifflin. Dunder Mifflin's fiscal year 2020 ended on October 30th, and it reported revenues of $101.3 million. You believe that the company will experience fast growth of 14% in 2021, with growth slowing down by 2% per year starting 2022 until it reaches the terminal growth rate of 2% in year 2027. (i.e., you assume that the firm will grow forever at the rate of 2%).

Dunder Mifflin went public two years ago and has 15,000,000 shares outstanding. Dunder Mifflin has $12,000,000 debt (from a revolving credit facility).

You estimate the cost of capital of Dunder Mifflin to be 11.8%, and the relevant tax rate is 24%. COGS and SG&A together for Dunder Mifflin are estimated as 62% of revenues.

CapEx is estimated to be 18% of revenues in years 2021 and 2022, declining afterwards to be 16% of revenues. Depreciation expenses are expected to be 16% of revenues in years 2021 and 2022, declining in 2023 afterwards to 14% following the decline in CapEx. Net working capital is 4% of revenues, and changes in net working capital are established ahead of the revenues (e.g., the change in net working capital for 2021 is 4% of the expected change in revenues from 2021 to 2022). Standing on November 1st, 2020,

a). What is your estimate of Dunder Mifflin 's current Enterprise Value?

b). According to your valuation analysis, what should be Dunder Mifflin 's share price?

Please solve in Excel and post formula text. Thanks!