NEED HELP WITH THE HIGHLIGHTED CELLS.

PLEASE SHOW EXCEL EQUATIONS.

c$.$ Caculate JCl$\text{'}$s projected free cash flow; the tax rate is $25\%.$

e$.$ What is the projected intrinsic stock price on $\frac{7}{1}\frac{?}{2020}$ if JCI distributes the cash as dividends?

See below

$91$ for

calculations.

$92$ f$.$ What is the projected intrinsic stock price on $7/1/2020$ if JCI distributes the cash athrough stock

repurchases? How many shares will remain outstanding after the repurchase?

See below

for

calculations.

Value of operations

Value of nonoperating assets

Total intrinsic value of firm

Debt

Intrinsic value of equity

$$ Number of shares

Intrinsic price per share