Question $4$: Forecasting and valuation $(10$ points$)$

The reformulated balance sheet and income statement for a firm's $2012$ fiscal year are presented

below. Assume further that sales forecast is $7\%$ per year, a constant asset turnover $1\mathrm{.}45$ per year

and an operating profit margin of $15\%$ year. The required return for operations of $9\%.$

a$)$ Forecast return on net operating assets $($RNOA$)$ for $2013$

b$)$ Forecast residual operating income $($ReOI$)$ for $2013$

c$)$ Value the shareholder's equity at the end of $2012$ fiscal year

d$)$ Forecast abnormal growth in operating income for $2014$

e$)$ Forecast net comprehensive income for $2013$ by using the below format:

Forecast of operating income for $2013$

Forecast of net financial expense

NFO $$ NBC

Tax benefit $($at $35\%)$