what is the maximum price that Neuqun should pay to equity shareholders for Artforever.com? 16 17 18

 what is the maximum price that Neuquén should pay to equity shareholders for Artforever.com? 

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16 17 18 Sales Revenue 19 Cost of Goods Sold (includes dep.) 2018 $1,000,000.00 2019 $1,250,000.00 2020 $1,875,000.00 420,000.00 525,000.00 787,500.00 2021 $2,100,000.00 882,000.00 2022 $3,750,000.00 1,575,000.00 20 Selling, General, & Admin Expense 150,000.00 187,500.00 281,250.00 315,000.00 562,500.00 21 Earnings Before Interest and Taxes (EBIT) $430,000.00 $537,500.00 $806,250.00 $903,000.00 $1,612,500.00 22 Interest Expense 94,400.00 101,400.00 108,600.00 115,900.00 23 Operating Income $335,600.00 $436,100.00 $697,650.00 $787,100.00 24 Taxes 134,240.00 25 Net Income $201,360.00 174,440.00 $261,660.00 279,060.00 $418,590.00 314,840.00 $472,260.00 26 Add: Depreciation 15,000.00 30,000.00 27 Less: Investment in CapEx and NWC 25,000.00 28 Free Cash Flows $191,360.00 55,000.00 $236,660.00 50,000.00 170,000.00 $298,590.00 72,000.00 122,400.00 $1,490,100.00 596,040.00 $894,060.00 80,000.00 80,000.00 80,000.00 $464,260.00 $894,060.00 29 Net CF Year 6 $911,941.20 30 WACC Growth 7.70% 81 Terminal Value $11,850,317.72 82 Adjusted FCF with Terminal Value $191,360.00 $236,660.00 $298,590.00 $464,260.00 $12,744,377.72 83 Value of the Firm $8,941,658.50 16 17 18 Sales Revenue 19 Cost of Goods Sold (includes dep.) 2018 $1,000,000.00 2019 $1,250,000.00 2020 $1,875,000.00 420,000.00 525,000.00 787,500.00 2021 $2,100,000.00 882,000.00 2022 $3,750,000.00 1,575,000.00 20 Selling, General, & Admin Expense 150,000.00 187,500.00 281,250.00 315,000.00 562,500.00 21 Earnings Before Interest and Taxes (EBIT) $430,000.00 $537,500.00 $806,250.00 $903,000.00 $1,612,500.00 22 Interest Expense 94,400.00 101,400.00 108,600.00 115,900.00 23 Operating Income $335,600.00 $436,100.00 $697,650.00 $787,100.00 24 Taxes 134,240.00 25 Net Income $201,360.00 174,440.00 $261,660.00 279,060.00 $418,590.00 314,840.00 $472,260.00 26 Add: Depreciation 15,000.00 30,000.00 27 Less: Investment in CapEx and NWC 25,000.00 28 Free Cash Flows $191,360.00 55,000.00 $236,660.00 50,000.00 170,000.00 $298,590.00 72,000.00 122,400.00 $1,490,100.00 596,040.00 $894,060.00 80,000.00 80,000.00 80,000.00 $464,260.00 $894,060.00 29 Net CF Year 6 $911,941.20 30 WACC Growth 7.70% 81 Terminal Value $11,850,317.72 82 Adjusted FCF with Terminal Value $191,360.00 $236,660.00 $298,590.00 $464,260.00 $12,744,377.72 83 Value of the Firm $8,941,658.50

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