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File Data Load Test Acrobat Team Home insert Page Layout Formulas 10 SAA BIU - 28-0. A = Review View Help 2 Wrap Text Merge Center - Accounting = $ - % 9 58- Conditional Formatting Clipboard Font Alignment Number G29 Selected data for the Derby Corporation are shown below. Use the data to answer the following questions 4 INPUTS (In millions) Year Proiected Current 3200 5200 5800 7 Free cash flow 8 Marketable Securities $40 9 Notes payable $100 10 Long-term bonds $300 11 Preferred stock $50 12 WACC 9.00% 13 Number of shares of stock 14 15 a. Calculate the estimated horizon value (l.e., the value of operations at the end of the forecast period 16 immediately after the Year 4 free cash flow). Assume FCFs grow constantly after year. 17 Current Projected 19 20 Free cash flow $20.0 $20.0 $80.0 S84.0 21 Long term constant growth in FCF 22 Horizon value 23 24 b. Calculate the present value of the horizon value, the present value of the free cash flows, and the 25 estimated Year.O value of operations. 27 PV of horizon value 28 PV of FCF 29 Value of operations (PV of FCF - HV) 30 31 c. Calculate the estimated Year 0 price per share of common equity 33 Value of operations 34 Plus value of narketable securities 35 Total value of company 36 Less value of debt 37 Less value of preferred stock 38 Estimated value of common equity 39 Divided by number of shares 40 Price per share 41 1 2 Ready Start a web search ER