NOPAT Component Year 0   Change in Working Capital Component Year...

NOPAT Component	Year 0		Change in Working Capital Component	Year -1	Year 0		Net CapEx Component	Year 0
EBIT			Accounts Receivable				Capital Expenditures
Tax on Operating Profit			Inventory				Depreciation
NOPAT			Accounts Payable				Net CapEx
			NWC
			Change in NWC				Base-Year FCF

Please fill in the above table, using the information below.  Please show answers and formulas to get to the answer.

 

Company	XYZ Tech
Industry	Tech
Valuation Date	12/31/19
Business Activities	VR Solutions
Shares Outstanding (millions)	550.00
Risk-Free Rate	2.5%
Tax Rate	25.0%

 

Balance Sheet Item	2016	2017	2018	2019
Cash and cash equivalents	1,015.0	1,264.0	1,078.0	1,185.0
Marketable securities	230.0	211.0	178.0	226.0
Accounts receivable, net	578.0	610.0	630.0	695.0
Inventories, net	302.0	320.0	508.0	705.0
Prepaid expenses	100.0	109.0	57.0	77.0
Total current assets	2,225.0	2,514.0	2,451.0	2,888.0
Property and equipment, net	99.0	164.0	248.0	296.0
Goodwill	0.0	289.0	289.0	289.0
Other assets	303.0	279.0	321.0	310.0
Total assets	2,627.0	3,246.0	3,309.0	3,783.0
Short-term debt	0.0	440.0	136.0	201.0
Accounts payable	350.0	483.0	503.0	552.0
Accrued liabilities	98.0	135.0	203.0	398.0
Other current liabilities	58.0	63.0	24.0	92.0
Total current liabilities	506.0	1,121.0	866.0	1,243.0
Long-term debt, net	852.0	940.0	1,114.0	1,125.0
Other long-term liabilities	113.0	124.0	192.0	118.0
Total Liabilities	1,471.0	2,185.0	2,172.0	2,486.0
Common stock, par value	9.0	9.0	9.0	9.0
Additional paid-in capital	2,123.0	2,334.0	2,650.0	2,464.0
Accumulated deficit	(976.0)	(1,282.0)	(1,522.0)	(1,176.0)
Total stockholders' equity	1,156.0	1,061.0	1,137.0	1,297.0
Total liabilities and stockholders' equity	2,627.0	3,246.0	3,309.0	3,783.0

Income Statement Item	2017	2018	2019	2020F	2021F	2022F
Net revenue	4,319.0	5,253.0	6,475.0	7,446.3	8,190.9	8,764.2
Cost of sales	(3,316.0)	(3,466.0)	(4,028.0)
Gross margin	1,003.0	1,787.0	2,447.0
Research and development	(1,008.0)	(1,196.0)	(1,434.0)
Marketing, general and administrative	(466.0)	(516.0)	(562.0)
Operating income (loss)	(471.0)	75.0	451.0	880.0	890.0	1,156.0
Interest expense	(156.0)	(126.0)	(135.0)
Other income (expense), net	80.0	9.0	0.0
Income (loss) before income taxes and equity loss	(547.0)	(42.0)	316.0
Provision for income taxes	(20.0)	(25.0)	(130.0)
Net income (loss)	(567.0)	(67.0)	186.0
XYZ Tech Statement of Cash Flows (select items)
Cash Flow Statement Items	2017	2018	2019	2020F	2021F	2022F
Depreciation and amortization	99.0	124.0	170.0
Purchases of property and equipment (CAPEX)	(97.0)	(133.0)	(189.0)

Answer rating: 100% (QA)

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