• Using Hatfield's data and its industry averages, evaluate how well run Hatfield appears to be in comparison with other firms in its industry. In a paragraph or two, explain the company's primary strengths and weaknesses. Be specific in your answer and point to the various ratios given that support your position.
• Use the AFN equation to estimate Hatfield's required new external capital for 2020 if the sales growth rate is 11.1%. Assume that the firm's 2019 ratios will be remain the same in 2020. (Hint: Hatfield was operating at full capacity in 2019.)
• Define the term capital intensity. In a paragraph or two, explain how a decline in capital intensity would affect the AFN, other things held constant. Would economies of scale combined with rapid growth affect capital intensity, other things held constant? Also, explain how changes in each of the following would affect AFN, holding other things constant: the growth rate, the amount of accounts payable, the profit margin, and the payout ratio.
• Using the forecasted items through 2023 in the spreadsheet, calculate for each of the next four years the net operating profit after taxes (NOPAT), net operating working capital, total operating capital, free cash flow (FCF), annual growth rate in FCF, and return on invested capital.

https://docs.google.com/spreadsheets/d/10UzuXKld5R1UJFz3wybYwYWq2TeCZEvQ/edit?usp=sharing&ouid=112477620321507117861&rtpof=true&sd=true