1. Using the excel results for Adobe (ADBE), complete the forecasted financial model for 2021 to 2025 for free cash flow and enterprise value.Add short term growth rates for the next 5 years to the model.
2. Compare results of the model for the company's value and stock price to the actual value and stock price.What explains the differences?

Please show excel results and formulas

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Sales growth Current assets/Sales Current liabilities/Sales Net fixed assets/Sales Other long term assets/Sales Other long term liabilitis/Sales Cost of goods sold/Sales R&D/Sales Sales&Marketing/Sales Administration Amortization of intangible assets Depreciation rate Cash/Sales Debt/Assets Interest rate on debt Interest paid on cash & mkt. sec. Tax rate Dividend growth Year Income statement, unit in million Sales COGS R&D Sales & Marketing Administration Amortization of intangible assets Depreciation Interest expense Taxes Net income Dividend to shareholders Year Balance sheet, unit in million Cash and cash equivalents Current assets Fixed assets Goodwill Other long term assets Total assets Current liabilities Debt Other long term liabilities Common stock Total liabilities and equity 7.57% 63.30% 42.83% 34.14% 15.80% 10.81% 13.38% 17.00% 27.91% 7.52% 1.26% 5.50% 34.80% 16.95% 2.73% 0.00% 2.30% 0.00% 2021 $13,355 $1,787 $2,271 $3,727 $1,005 $168 $734 $365 $307 $2,991 $0 2021 $4,647 $8,454 $4,559 $10,742 $2,110 $30,513 $5,721 $4,117 $1,444 $13,264 $24,545 2022 $14,366 $1,922 $2,443 $4,009 $1,081 $181 $790 $392 $330 $3,218 $0 2022 $4,999 $9,094 $4,904 $10,742 $2,270 $32,010 $6,154 $4,117 $1,553 $13,264 $25,088 2023 $15,454 $2,068 $2,628 $4,313 $1,162 $195 $849 $422 $355 $3,462 $0 2023 $5,378 $9,783 $5,276 $10,742 $2,441 $33,620 $6,620 $4,117 $1,670 $13,264 $25,671 2024 $16,623 $2,225 $2,827 $4,639 $1,250 $209 $914 $454 $382 $3,724 $0 2024 $5,785 $10,523 $5,675 $10,742 $2,626 $35,352 $7,121 $4,117 $1,797 $13,264 $26,299 2025 $17,882 $2,393 $3,041 $4,990 $1,345 $225 $983 $488 $411 $4,005 $0 2025 $6,223 $11,320 $6,105 $10,742 $2,825 $37,214 $7,660 $4,117 $1,933 $13,264 $26,974 Sales growth Current assets/Sales Current liabilities/Sales Net fixed assets/Sales Other long term assets/Sales Other long term liabilitis/Sales Cost of goods sold/Sales R&D/Sales Sales&Marketing/Sales Administration Amortization of intangible assets Depreciation rate Cash/Sales Debt/Assets Interest rate on debt Interest paid on cash & mkt. sec. Tax rate Dividend growth Year Income statement, unit in million Sales COGS R&D Sales & Marketing Administration Amortization of intangible assets Depreciation Interest expense Taxes Net income Dividend to shareholders Year Balance sheet, unit in million Cash and cash equivalents Current assets Fixed assets Goodwill Other long term assets Total assets Current liabilities Debt Other long term liabilities Common stock Total liabilities and equity 7.57% 63.30% 42.83% 34.14% 15.80% 10.81% 13.38% 17.00% 27.91% 7.52% 1.26% 5.50% 34.80% 16.95% 2.73% 0.00% 2.30% 0.00% 2021 $13,355 $1,787 $2,271 $3,727 $1,005 $168 $734 $365 $307 $2,991 $0 2021 $4,647 $8,454 $4,559 $10,742 $2,110 $30,513 $5,721 $4,117 $1,444 $13,264 $24,545 2022 $14,366 $1,922 $2,443 $4,009 $1,081 $181 $790 $392 $330 $3,218 $0 2022 $4,999 $9,094 $4,904 $10,742 $2,270 $32,010 $6,154 $4,117 $1,553 $13,264 $25,088 2023 $15,454 $2,068 $2,628 $4,313 $1,162 $195 $849 $422 $355 $3,462 $0 2023 $5,378 $9,783 $5,276 $10,742 $2,441 $33,620 $6,620 $4,117 $1,670 $13,264 $25,671 2024 $16,623 $2,225 $2,827 $4,639 $1,250 $209 $914 $454 $382 $3,724 $0 2024 $5,785 $10,523 $5,675 $10,742 $2,626 $35,352 $7,121 $4,117 $1,797 $13,264 $26,299 2025 $17,882 $2,393 $3,041 $4,990 $1,345 $225 $983 $488 $411 $4,005 $0 2025 $6,223 $11,320 $6,105 $10,742 $2,825 $37,214 $7,660 $4,117 $1,933 $13,264 $26,974