In your Excel spreadsheet, please add 2 tabs: one having a bullish valuation, and one having a bearish valuation. Your rows should be: revenue growth (2011-2015); operating margin (2011-2015); NWC turnover (2011-2015); FA (Fixed Assets) turnover (2011-2015); WACC (1 value); tax rate (1 value); revenues (2011-2015); EBIT (2011-2015), NWC (2011-2015); Fixed Assets (2011-2015); ROC (2011-2015); NOPAT (2011-2015), -delta NWC (the change in net working capital from last year (2012-2015)), -delta FA (the change in fixed assets from last year (2012-2015)), and the sum of the 3 previous lines should be your FCF. Remember that FCF is your goal in valuation (there are two flavors of FCF - we focus on the firm-wide FCF. We will see later equity-FCF, but both flavors should give the same valuation). The following formula might help: firm-wide FCF = NOPAT - delta NWC - delta FA. Come up with a plausible terminal value, discount to time zero and sum. Subtract the debt, divide by the number of shares outstanding, and that will give you your implied price. Compare it to the current market price.

Pleas help me complete the tables

bullish
	2011	2012	2013	2014	2015		WACC	9,61%
Revenue Growth	5,3%	1,0%	1,5%	2,0%	2,5%		Tax Rate	39%
Operating Margin	9,4%	9,0%	9,0%	9,0%	9,0%
NWC turnover	5,02	6,00	6,50	7,00	7,50
Fixed Assets turnover	1,95	1,95	1,95	1,95	1,95
Revenues	1677
EBIT	157
NWC	334
Fixed Assets	859
ROC
NOPAT
Delta NWC
Delta FA
FCF

bearish
	2011	2012	2013	2014	2015		WACC	9,61%
Revenue Growth	5,30%	0,00%	0,00%	0,00%	0,00%		Tax Rate	39%
Operating Margin	9,40%	8,00%	7,00%	6,00%	5,00%
NWC turnover	5,02	6,00	6,50	7,00	7,50
Fixed Assets turnover	1,95	1,95	1,95	1,95	1,95
Revenues	1677
EBIT	157
NWC	334
Fixed Assets	859
ROC
NOPAT
Delta NWC
Delta FA
FCF