Review the Excel spreadsheet provided by the instructor that contains an estimate of the value of Fabricare. Identify and explain any possible improvements for the spreadsheet. 1992 1993 1994 1995 1996 1997 1998 1999 Revenue 400,000 600,000 900,000 1,200,000 1,500,000 1,600,000 1,600,000 Operating Profit 54000 81000 121500 162000 202500 216000 216000 Taxes 21600 32400 48600 64800 81000 86400 86400 Net Operating Profit After Taxes (NOPAT) 32400 48600 72900 97200 121500 129600 129600 Add Back Depreciation 5,000 11,000 20,000 45,000 70,000 70,000 70,000 EBIT 37,400 59,600 92,900 142,200 191,500 199,600 199,600 Automobiles and Trucks 39,522 39,522 39,522 39,522 39,522 39,522 39,522 Capital Expenditures 25,000 30,000 40,000 60,000 60,000 70,000 70,000 Test Marketing 20000 Change in NWC 8450 33,800 50,700 50,700 50,700 16,900 0 Net Cash Flows Before Terminal Value 20000 -18,672 23,878 64,078 93,378 142,678 106,978 129,600 Terminal Value assuming perpetuity 648000 Net Cash Flows 20000 -18,672 23,878 64,078 93,378 142,678 754,978 Required Return 20% PV of CFs $373,315.64 Operating Profit Pct. 13.50% Tax Rate 40% NWC Increment 16.90%