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D 1 2 2 Student instructions. Use the forecasting variables to complete the discounted free cash flow forecast and valuation shown below. Enter formules in the blanks where indicated to complete the solations needed. These incremental confows would mquire an initial $9,000,000 equipment investment Terminal Cash How would be on Inflow of $1,000,000 (don't forget to add this in the end AFTER TAXES). Discount rate is highest Marginal Cost of Capital from the previous tab, but reinvestment rate is 12%. Find NPV, IRR, MIRR, and Discounted Payback 1 5 5 The Discounted Free Cash Flow Model for Total Equity Barking Dog Corporation 10 11 12 Initial Capital Invesment 9,000,000 Salvage (Terminal) value at the end of 2025 1,000,000 Income tax rate 30% Assumed long-term sustainable growth rate 5% Capital Gains Tax Rate 20% Discount rate Use the most expensive WACC Reinvestment rate 12% 14 15 TA 17 TE 19 Forecasting Variables 2025 20 20% 2022 5% 7% 60% 10% Sales units growth factor Price growth Factor Expected Cost of Goods Sold (COGS) of Revenues 5. G. & A expense of revenues 2023 10% 7% 50% 10% 25 2024 15% 7% 45% 10% 7% 40% 104, Depr. & Amort. % of Gross Capital Investment MACRS 3 Year Depreciation (spread over 4 years) 33.33% 44 45% 14,81% Actual Problem: 7.41% Initial Capital Invesment Salvage (Terminal) value at the end of 2025 Increase in inventory and AR (for A NOWC) Increase in accruals and AP (for ANOWC) Income tax rate Assumed long term sustainable growth rate Discount rate 9,000,000 1,000,000 1,500,000 1,000,000 30% 6% Use the most expensive WACC from previous tab Discounted Free Cash Flow Model Barking Dog Corporation Operating Cash Flow Actual Base Yr 2021 Years Ending December 31 Forecast 2022 2023 2024 2025 Total unit sales Price Total Revenues 1,000,000 $6 $6,000,000 Total unit sales Price Total Revenues 1,000,000 $6 $6,000,000 Cost of Goods Sold Gross profit Selling general and administrative expenses 10% Revenues Earnings before interest, taxes, depr. & amort.(EBITDA) Depreciation and amortization usine MACRS Earnings before Interest and taxes (EBIT) No Interest payments now Federal and State Income Taxes (30%) Net Operating Profit After-Tax (NOPATEBIT - Tax) Add Back Depreciation (EBIT - Tax) + Depreciation (Free Cash flows for the years) At termination of the project: Sale of Fixed Asset, 2025 1,000,000.00 D Tax Liability (Capital Gains tax of 20%) FCF from termination of project Recover A NOWC Annual Free Cash Flow from above Discount rate from WACC sheet NPV IRR MIRR At Reinvestment Rate of 12% Discounted Payback Present Value of Free Cash Flows + ANOWC WACC Net Cumulative Discounted Free Cash Flow Discounted Payback