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D Student instructions: Use the forecasting variables to complete the discounted free cash flow forecast and valuation shown below. Enter formulas in the blanks where indicated to complete the calculations needed. These incremental cash flow would require an initial $9,000,000 equipment investment Terminal Cash flow would be an 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 The Discounted Free Cash Flow Model for Total Equity 5 5 - Barking Dog Corporation 30 11 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 1 1 1 1 Forecasting Variables: Sales units growth factor Price growth Factor Expected Cost of Goods Sold (COGS) of Revenues S, G., & A expense of revenues 30 2022 SX 7% 60% 10% 2023 10% 7 50% 10% 2024 15W 7 45% 10% 2025 20% 7 10 10% Reinvestment rate 12% Forecasting Variables 10% Sales units growth factor Price growth Factor Expected Cost of Goods Sold (COGS) of Revenues 5.G, & A expense of revenues Dept. & Amort. % of Gros Capital Investment 2022 2023 2024 SX 15% 7% 7% 7% 60% SOM 45% 10% 10% 10% MACRS 3 Year Depreciation (spread over 4 years) 33.33% 44.45% 14,81% 2025 20% 7% 40% 10% Actual Problem: 7,41% Initial Capital Invesment Salvage (Terminal value at the end of 2025 Increase in inventory and AR (for ANOWC) Increase in accruals and AP for ANOWC) Income tax rate Assured long term sustainable growth rate Discount rate 9,000,000 1,000,000 1,500,000 1.000,000 SON EN Use the most expensive WACC from previous tab Discounted Free Cash Flow Model Parkinson Operating Cash Flow Actual Base Yr 2021 -Forecast 2023 2022 2024 2025 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) Instructions Chapter wa CA D At termination of the project: 60 1,000,000.00 62 63 Sale of Fixed Asset, 2025 Capital Gain/Loss Tax Liability (Capital Gains tax of 20%) FCF from termination of project Recover A NOWC Annual Free Cash Flow from above 44 7 72 Discount rate from WACC sheet NPV IRR MIRR A Reinvestment Rate of 12% Discounted Payback Present Value of Free Cash Flows + ANOWC WACC Net Cumulative Discounted Free Cash Flow Discounted Payback 24 75 20 78