You have been asked to review a discounted cash flow valuation done by an analyst of GoldSachs. The analyst's estimates of after-tax operating income and free cash flows to the firm for the next 4 years are provided below: Year T+1 T+2 T+3 T+4 EBIT(1-tc) $100.00 $115.00 $132.25 $152.09 FCFF $25.00 $28.75 $33.06 $38.02 a) Given the growth rate projected by the analyst and the FCFF numbers, estimate the return on capital that the analyst is assuming for the firm over the next 4 years. (You assume that the return on capital will remain unchanged for the next 4 years) (3 marks) can b) Assuming that the return on capital remains unchanged from current levels) in perpetuity, that the cost of capital is 12% and that the expected growth rate is 4% forever after year 4, estimate the value at the end of the fourth year. c) Estimate the value per share today if Lichen Inc. has $ 150 million in debt, $ 100 million as a cash balance and 50 million shares outstanding. You have been asked to review a discounted cash flow valuation done by an analyst of GoldSachs. The analyst's estimates of after-tax operating income and free cash flows to the firm for the next 4 years are provided below: Year T+1 T+2 T+3 T+4 EBIT(1-tc) $100.00 $115.00 $132.25 $152.09 FCFF $25.00 $28.75 $33.06 $38.02 a) Given the growth rate projected by the analyst and the FCFF numbers, estimate the return on capital that the analyst is assuming for the firm over the next 4 years. (You assume that the return on capital will remain unchanged for the next 4 years) (3 marks) can b) Assuming that the return on capital remains unchanged from current levels) in perpetuity, that the cost of capital is 12% and that the expected growth rate is 4% forever after year 4, estimate the value at the end of the fourth year. c) Estimate the value per share today if Lichen Inc. has $ 150 million in debt, $ 100 million as a cash balance and 50 million shares outstanding