SOLVE ALL MISSING VALUES AND SHOW CALCULATIONS. DONT USE AI:

Firm A - Valuation based on CSCF
INPUT: CSCF
Period Ending	31/12/2010	31/12/2011	31/12/2012
Net Income	8,041,000	6,490,000	7,767,000
Operating Activities, Cash Flows Provided By or Used In
Add back Depreciation	2,602,000	2,486,000	2,030,000
Subtract Changes In Accounts Receivables	-574,000	-1,318,000	-2,524,000
Subtract Changes In Inventories	-287,000	-147,000	-158,000
Subtract Changes In Other Operational Activities	1,337,000	1,025,000	2,438,000
Total Cash Flow From Operating Activities				#N/A
Investing Activities, Cash Flows Provided By or Used In
Subtract Purchases of financial investments	-41,810,000	-37,130,000	-48,690,000
Add back Sales of financial investments	27,365,000	17,538,000	19,300,000
Subtract Acquisitions of property and equipment	-1,126,000	-1,174,000	-1,008,000
Subtract Acquistions of other fixed assets and businesses	-375,000	-266,000	-529,000
Total Cash Flows From Investing Activities				#N/A
Financing Activities, Cash Flows Provided By or Used In
Subtract Dividends Paid	-1,501,000	-658,000	-135,000
Subtract Purchase of Stock	-3,388,000	-5,065,000	-4,586,000
Add back Net Borrowings	-557,000	1,508,000	4,985,000
Total Cash Flows From Financing Activities				#N/A
INPUT: Supplemental disclosure of cash flow information
Net interest paid	681,000	777,000	692,000
Income taxes	2,118,000	2,235,000	2,348,000
Earnings before tax (EBT)	10,159,000	8,725,000	10,115,000	<--=D27+D4
Tax rate	20.85%	25.62%	23.21%	<--=D27/D28
After-tax net interest				#N/A
OUTPUT: FCF Caluclation
FCF from Operating Activities				#N/A
FCF from Investing Activities				#N/A
FCF from Financing Activities				#N/A
FCF based on CSCF before interest adjustment				#N/A	*sum of FCF from operating, financing, investing activities
Add back after-tax net interest				#N/A
Total FCF				#N/A
OUTPUT: Valuation
FCF ending 31 Dec 2012		#N/A
Growth rate of FCF, years 1-3	9.80%	<-- Optimistic about short-term growth
Long-term FCF growth rate since year 4	3.50%	<-- More pessimistic about long-term growth
Weighted average cost of capital, WACC	10.60%
Year	2012	2013	2014	2015
FCF					#N/A
Terminal value					#N/A
Total					#N/A
Enterprise value on 12/31/2012		#N/A
Add back cash and marketable securities	1,248,000	<-- From balance sheet 2012
Subtract financial liabilities	-6,579,000	<-- From balance sheet 2012
Equity value on 12/31/2012		#N/A
$ Per share (1 million shares outstanding)		#N/A