Part C: Operating Income

Fill in the table for COGS, Depreciation, and other operating expenses by referencing the required ratios.

Calculate the following by referencing cells:

EBIT $=$ Net Sales $-$ COGS $-$ Depreciation $-$ Other Operating Expenses

NOPAT $=$ EBIT $*(1-$Tax Rate$)$

Part D: Free Cash Flows

Calculate the following by referencing cells:

Operating Current Assets $=$ Cash $+$ Accounts Receivables $+$ Inventories

Operating Current Liabilities $=$ Accounts Payable $+$ Accruals

Net Operating Working Capital $=$ Operating Current Assets $-$ Operating Current Liabilities

Total Net Operating Capital $=$ Net PP&E $+$ Net Operating Working Capital

$$ Net Operating Capital $=$ Total Net Operating Capital this year $-$ Total Net Operating Capital last year

Free Cash Flow $=$ NOPAT $\frac{-}{{?}_{\frac{?}{?}}}$ Net Operating Capital

Part E: Value of Operations

Calculate the following by referencing cells:

gi represents the Growth in the Free Cash Flow when growth becomes constant in the last year.

Use the Excel PV function to calculate the PV of the horizon value. For example, type $"=$ PV$($WACC cell reference,

Part E: Value of Operations

Calculate the following by referencing cells:

g$.$ represents the Growth in the Free Cash Flow when growth becomes constant in the last year.

$($