Question: Doc Tom is preparing a presentation that analyzes the valuation of the common stock of Dante Corporation. Tom has prepared preliminary valuations of Dante using

Doc Tom is preparing a presentation that analyzes the valuation of the common stock of Dante Corporation. Tom has prepared preliminary valuations of Dante using a FCFF model. Dante's 2018 and 2019 financial statements, contained in Exhibits 1 and 2, are prepared in accordance with US GAAP (in millions). Exhibit 1. Dante Corporate Partial Consolidated Balance Sheet (As of December 31) 2019 2018 Assets Current assets 461 358 709 774 797 739 Cash and cash equivalents Accounts receivable Inventories Total current assets Gross fixed assets Total assets 3,705 3.121 Liabilities and shareholders' equity Current liabilities 434 456 Accounts payable 105 164 Accrued taxes and expenses Notes payable 419 441 Total current liabilities 1.413 1.580 Long-term debt 522 506 Common stock Retained earnings Total liabilities and shareholders' equity Retained earnings Total liabilities and shareholders' equity Exhibit 2. Dante Corporation Consolidated Income Statement for the Year Ended 31 December 2019 (US$ Millions) Total revenues 3,119 1,113 886 201 Cost of goods sold Selling, general, and administrative expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) Depreciation expense Operating income Interest expense Pretax income Income tax (at 31 percent) Net income 129 Your task is to calculate the FCFF. Write your answer in decimal form and round it to two decimal places. Your answer will be in millions, for example - if you get 234.24, you can write 234.24 - but in fact, it is 234.24 "millions": Hint: To get the balance sheet data, remember that assets are equal to liabilities plus shareholders' equity
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