# Cash Flow Forecasts Solution Excel Task

Description

take your income statements and start to construct a cash flow that will also extend into Week 3. For the most part, cash flows are pretty straight forward. If you’re going to experience trouble, it almost always happens with working capital. Remember that once you’ve calculated the Total Working Capital for Year 0, all future Working Capital needs will be incremental. Almost all of the variables will be provided to you here.
Using the income statement from the previous exercise, forecast a ten year cash flow using the following assumptions:

Capital Expenditures of \$50,000 per year.
Leasehold Improvements of \$10,000 per year.
DSO of 75 Days.
Inventory Turnover of 12 times.
Accounts Payable of 30 days.
Depreciation is constant.
The combined Federal and State Tax Rate is 40%.
There are no additional financing expenses associated with the transaction.

After you have completed your cash flow forecast, calculate a Net Present Value assuming a discount rate of 15%.

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2007
2008
2009
UNITS
500.000
PRICE
UNITS
540.000
PRICE
UNITS
577.800
\$25.000.000,00
1.500.000,00
\$26.500.000,00
\$50,00
\$3,00
\$53,00
\$28.080.000,00
1.593.000,00
\$29.673.000,00
\$52,00
\$2,95
\$54,95
\$30.946.968,00
1.675.620,00
\$32.622.588,00
\$10.000.000,00
5.000.000,00
200.000,00
500.000,00
500.000,00
35.000,00
15.000,00
\$16.250.000,00
\$20,00
\$10,00
\$0,40
\$1,00
\$1,00
\$0,07
\$0,03
\$32,50
\$11.124.000,00
5.151.600,00
205.200,00
513.000,00
502.200,00
43.200,00
10.800,00
\$17.550.000,00
\$20,60
\$9,54
\$0,38
\$0,95
\$0,93
\$0,08
\$0,02
\$32,50
\$12.260.916,00
5.304.204,00
213.786,00
531.576,00
502.686,00
40.446,00
17.334,00
\$18.870.948,00
EBIT
Margin
10.250.000,00
38,68%
\$20,50
12.123.000,00
40,86%
\$22,45
13.751.640,00
42,15%
EBITDA
Margin
10.750.000,00
40,57%
\$21,50
12.625.200,00
42,55%
\$23,38
14.254.326,00
43,69%
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
2009
PRICE
\$53,56
\$2,90
\$56,46
\$21,22
\$9,18
\$0,37
\$0,92
\$0,87
\$0,07
\$0,03
\$32,66
\$23,80
\$24,67
Income Statement Analyisis
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
2007
UNITS
500.000
PRICE
2008
UNITS
540.000
PRICE
2009
UNITS
577.800
PRICE
CAGR 2007-2009
ABSOLUTE PER UNIT
7,50%
\$25.000.000,00
1.500.000,00
\$26.500.000,00
\$50,00
\$3,00
\$53,00
\$28.080.000,00
1.593.000,00
\$29.673.000,00
\$52,00
\$2,95
\$54,95
\$30.946.968,00
1.675.620,00
\$32.622.588,00
\$53,56
\$2,90
\$56,46
11,26%
5,69%
10,95%
3,50%
(1,68%)
3,21%
\$10.000.000,00
5.000.000,00
200.000,00
500.000,00
500.000,00
35.000,00
15.000,00
\$16.250.000,00
\$20,00
\$10,00
\$0,40
\$1,00
\$1,00
\$0,07
\$0,03
\$32,50
\$11.124.000,00
5.151.600,00
205.200,00
513.000,00
502.200,00
43.200,00
10.800,00
\$17.550.000,00
\$20,60
\$9,54
\$0,38
\$0,95
\$0,93
\$0,08
\$0,02
\$32,50
\$12.260.916,00
5.304.204,00
213.786,00
531.576,00
502.686,00
40.446,00
17.334,00
\$18.870.948,00
\$21,22
\$9,18
\$0,37
\$0,92
\$0,87
\$0,07
\$0,03
\$32,66
10,73%
3,00%
3,39%
3,11%
0,27%
7,50%
7,50%
3,00%
(4,19%)
(3,82%)
(4,08%)
(6,73%)
0,00%
0,00%
YEAR 1
DRIVER
Rationale
7,50% Absolute CAGR from 2007-2009
3,50% Price per Unit CAGR from 2007-2009
5,70% Absolute CAGR from 2007-2009
Not forecasted, it Calculates from the other 2
3,00% Price per Unit CAGR from 2007-2009
3,00% Absolute CAGR from 2007-2009
3,40% Absolute CAGR from 2007-2009
3,40% As per Professor Sullivan’s Model
#N/A
Depreciation is constant
45.000,00 FIXED
0,05% 3 yr AVG as % of Revenues (see below)
UNITS
621.135
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
\$34.432.370,27
1.771.130,34
\$36.203.500,61
\$13.575.899,24
5.463.330,12
221.054,72
549.649,58
502.686,00
45.000,00
18.101,75
\$20.375.721,42
EBIT
Margin
10.250.000,00 \$20,50
38,68%
12.123.000,00 \$22,45
40,86%
13.751.640,00 \$23,80
42,15%
EBIT
Margin
15.827.779,19
43,72%
EBITDA
Margin
10.750.000,00 \$21,50
40,57%
12.625.200,00 \$23,38
42,55%
14.254.326,00 \$24,67
43,69%
EBITDA
Margin
16.330.465,19
45,11%
Common Size Statement – % of Revenues
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
Cash Flow ASSUMPTIONS
2007
94,34%
5,66%
100,00%
2008
94,63%
5,37%
100,00%
2009
94,86%
5,14%
100,00%
3yr AVG
94,61%
5,39%
100,00%
37,74%
18,87%
0,75%
1,89%
1,89%
0,13%
0,06%
61,32%
37,49%
17,36%
0,69%
1,73%
1,69%
0,15%
0,04%
59,14%
37,58%
16,26%
0,66%
1,63%
1,54%
0,12%
0,05%
57,85%
37,60%
17,50%
0,70%
1,75%
1,71%
0,13%
0,05%
59,44%
EBIT
38,68%
40,86%
42,15%
40,56%
EBITDA
40,57%
42,55%
43,69%
42,27%
40%
The combined Federal and State Tax Rate
Depreciation is constant (see above)
\$50.000,00 Capital Expenditures per year
\$10.000,00 Leasehold Improvements per year
15%
75 Days
12,0 x
30 Days
Net Present Value Discount rate
Days Sales Outstanding = (Accts Rec*360/Revs)
Inventory Turnover = COGS / Inventory
Accts Payable Days = ((Accts Pay*360)/(Total Exp-Dep))
Cash Flow
YEAR 0
EBIT
Taxes
Inc after Tax
Cash Flow From Operations
YEAR 1
\$15.827.779,19
6.331.111,68
\$9.496.667,52
502.686,00
\$9.999.353,52
Investments
Capital Investments
Leasehold Improvements
Working Capital (see below)
Total Investments
(\$50.000,00)
(10.000,00)
(7.017.634,61)
(\$7.077.634,61)
(\$50.000,00)
(10.000,00)
(812.929,75)
(\$872.929,75)
Net Cash Flow
(\$7.077.634,61)
\$9.126.423,76
Cost of Capital
NPV
15%
\$68.779.830,66
Working Capital
Accounts Receivable
Inventory
Accounts Payable
Total Working Capital
Incremental Working Cap
\$7.542.395,96
1.131.324,94
1.656.086,28
\$7.017.634,61
\$8.371.333,49
1.252.659,54
1.793.428,66
\$7.830.564,36
812.929,75
10 years of Projections
YEAR 1
YEAR 2
PRICE
UNITS
667.720
YEAR 3
PRICE
UNITS
717.799
YEAR 4
PRICE
UNITS
771.634
YEAR 5
PRICE
UNITS
829.507
PRICE
YEAR 6
UNITS
891.720
PRICE
YEAR 7
UNITS
958.599
PRICE
YEAR 8
UNITS
1.030.493
PRICE
YEAR 9
UNITS
1.107.780
PRICE
YEAR 10
UNITS
1.190.864
\$55,43
\$2,85
\$58,29
\$38.310.315,97
1.872.084,77
\$40.182.400,74
\$57,37
\$2,80
\$60,18
\$42.625.015,31
1.978.793,60
\$44.603.808,91
\$59,38
\$2,76
\$62,14
\$47.425.657,66
2.091.584,84
\$49.517.242,49
\$61,46
\$2,71
\$64,17
\$52.766.972,35
2.210.805,17
\$54.977.777,52
\$63,61
\$2,67
\$66,28
\$58.709.852,61
2.336.821,07
\$61.046.673,68
\$65,84
\$2,62
\$68,46
\$65.322.049,76
2.470.019,87
\$67.792.069,63
\$68,14
\$2,58
\$70,72
\$72.678.945,62
2.610.811,00
\$75.289.756,62
\$70,53
\$2,53
\$73,06
\$80.864.411,87
2.759.627,23
\$83.624.039,10
\$73,00
\$2,49
\$75,49
\$89.971.766,26
2.916.925,98
\$92.888.692,23
\$21,86
\$8,80
\$0,36
\$0,88
\$0,81
\$0,07
\$0,03
\$32,80
\$15.031.914,43
5.627.230,02
228.570,58
568.337,67
502.686,00
45.000,00
20.091,20
\$22.023.829,91
\$22,51
\$8,43
\$0,34
\$0,85
\$0,75
\$0,07
\$0,03
\$32,98
\$16.644.087,26
5.796.046,92
236.341,98
587.661,15
502.686,00
45.000,00
22.301,90
\$23.834.125,22
\$23,19
\$8,07
\$0,33
\$0,82
\$0,70
\$0,06
\$0,03
\$33,20
\$18.429.165,62
5.969.928,33
244.377,61
607.641,63
502.686,00
45.000,00
24.758,62
\$25.823.557,81
\$23,88
\$7,74
\$0,32
\$0,79
\$0,65
\$0,06
\$0,03
\$33,47
\$20.405.693,63
6.149.026,18
252.686,45
628.301,45
502.686,00
45.000,00
27.488,89
\$28.010.882,60
\$24,60
\$7,41
\$0,30
\$0,76
\$0,61
\$0,05
\$0,03
\$33,77
\$22.594.204,27
6.333.496,97
261.277,79
649.663,69
502.686,00
45.000,00
30.523,34
\$30.416.852,06
\$25,34
\$7,10
\$0,29
\$0,73
\$0,56
\$0,05
\$0,03
\$34,11
\$25.017.432,68
6.523.501,88
270.161,23
671.752,26
502.686,00
45.000,00
33.896,03
\$33.064.430,08
\$26,10
\$6,81
\$0,28
\$0,70
\$0,52
\$0,05
\$0,04
\$34,49
\$27.700.552,33
6.719.206,93
279.346,72
694.591,84
502.686,00
45.000,00
37.644,88
\$35.979.028,70
\$26,88
\$6,52
\$0,27
\$0,67
\$0,49
\$0,04
\$0,04
\$34,91
\$30.671.436,57
6.920.783,14
288.844,51
718.207,96
502.686,00
45.000,00
41.812,02
\$39.188.770,20
\$27,69
\$6,25
\$0,26
\$0,65
\$0,45
\$0,04
\$0,04
\$35,38
\$33.960.948,14
7.128.406,63
298.665,22
742.627,03
502.686,00
45.000,00
46.444,35
\$42.724.777,37
\$25,48
18.158.570,83
45,19%
\$27,19
20.769.683,69
46,56%
\$28,94
23.693.684,68
47,85%
\$30,71
26.966.894,93
49,05%
\$32,51
30.629.821,62 \$34,35
50,17%
34.727.639,55 \$36,23
51,23%
39.310.727,92 \$38,15
52,21%
44.435.268,90 \$40,11
53,14%
50.163.914,86
54,00%
\$26,29
18.661.256,83
46,44%
\$27,95
21.272.369,69
47,69%
\$29,64
24.196.370,68
48,86%
\$31,36
27.469.580,93
49,96%
\$33,12
31.132.507,62 \$34,91
51,00%
35.230.325,55 \$36,75
51,97%
39.813.413,92 \$38,64
52,88%
44.937.954,90 \$40,57
53,74%
50.666.600,86
54,55%
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
\$18.158.570,83
7.263.428,33
\$10.895.142,50
502.686,00
\$11.397.828,50
\$20.769.683,69
8.307.873,48
\$12.461.810,21
502.686,00
\$12.964.496,21
\$23.693.684,68
9.477.473,87
\$14.216.210,81
502.686,00
\$14.718.896,81
\$26.966.894,93
10.786.757,97
\$16.180.136,96
502.686,00
\$16.682.822,96
\$30.629.821,62
12.251.928,65
\$18.377.892,97
502.686,00
\$18.880.578,97
\$34.727.639,55
13.891.055,82
\$20.836.583,73
502.686,00
\$21.339.269,73
\$39.310.727,92
15.724.291,17
\$23.586.436,75
502.686,00
\$24.089.122,75
\$44.435.268,90
17.774.107,56
\$26.661.161,34
502.686,00
\$27.163.847,34
\$50.163.914,86
20.065.565,95
\$30.098.348,92
502.686,00
\$30.601.034,92
(\$50.000,00)
(10.000,00)
(904.616,49)
(\$964.616,49)
(\$50.000,00)
(10.000,00)
(1.006.602,48)
(\$1.066.602,48)
(\$50.000,00)
(10.000,00)
(1.120.045,07)
(\$1.180.045,07)
(\$50.000,00)
(10.000,00)
(1.246.231,80)
(\$1.306.231,80)
(\$50.000,00)
(10.000,00)
(1.386.595,02)
(\$1.446.595,02)
(\$50.000,00)
(10.000,00)
(1.542.728,21)
(\$1.602.728,21)
(\$50.000,00)
(10.000,00)
(1.716.404,08)
(\$1.776.404,08)
(\$50.000,00)
(10.000,00)
(1.909.594,77)
(\$1.969.594,77)
(\$50.000,00)
(10.000,00)
(559.901,47)
(\$619.901,47)
\$10.433.212,00
\$11.897.893,74
\$13.538.851,74
\$15.376.591,16
\$17.433.983,95
\$19.736.541,52
\$22.312.718,68
\$25.194.252,57
\$29.981.133,45
\$9.292.460,19
1.387.007,27
1.944.286,60
\$8.735.180,86
904.616,49
\$10.316.092,19
1.535.763,80
2.110.072,65
\$9.741.783,34
1.006.602,48
\$11.453.703,65
1.700.474,47
2.292.349,72
\$10.861.828,40
1.120.045,07
\$12.718.057,02
1.882.850,36
2.492.847,17
\$12.108.060,20
1.246.231,80
\$14.123.347,84
2.084.786,06
2.713.478,67
\$13.494.655,22
1.386.595,02
\$15.685.365,96
2.308.379,36
2.956.361,89
\$15.037.383,43
1.542.728,21
\$17.421.674,81
2.555.953,05
3.223.840,35
\$16.753.787,51
1.716.404,08
\$19.351.810,88
2.830.079,01
3.518.507,61
\$18.663.382,28
1.909.594,77
\$19.932.365,21
2.914.981,38
3.624.062,84
\$19.223.283,75
559.901,47
YEAR 10
PRICE
\$75,55
\$2,45
\$78,00
\$28,52
\$5,99
\$0,25
\$0,62
\$0,42
\$0,04
\$0,04
\$35,88
\$42,12
\$42,55
2007
2008
2009
UNITS
500,000
PRICE
UNITS
540,000
PRICE
UNITS
577,800
\$25,000,000.00
1,500,000.00
\$26,500,000.00
\$50.00
\$3.00
\$53.00
\$28,080,000.00
1,593,000.00
\$29,673,000.00
\$52.00
\$2.95
\$54.95
\$30,946,968.00
1,675,620.00
\$32,622,588.00
\$10,000,000.00
5,000,000.00
200,000.00
500,000.00
500,000.00
35,000.00
15,000.00
\$16,250,000.00
\$20.00
\$10.00
\$0.40
\$1.00
\$1.00
\$0.07
\$0.03
\$32.50
\$11,124,000.00
5,151,600.00
205,200.00
513,000.00
502,200.00
43,200.00
10,800.00
\$17,550,000.00
\$20.60
\$9.54
\$0.38
\$0.95
\$0.93
\$0.08
\$0.02
\$32.50
\$12,260,916.00
5,304,204.00
213,786.00
531,576.00
502,686.00
40,446.00
17,334.00
\$18,870,948.00
EBIT
Margin
10,250,000.00
38.68%
\$20.50
12,123,000.00
40.86%
\$22.45
13,751,640.00
42.15%
EBITDA
Margin
10,750,000.00
40.57%
\$21.50
12,625,200.00
42.55%
\$23.38
14,254,326.00
43.69%
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
2009
PRICE
\$53.56
\$2.90
\$56.46
\$21.22
\$9.18
\$0.37
\$0.92
\$0.87
\$0.07
\$0.03
\$32.66
\$23.80
\$24.67
Income Statement Analyisis
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
2007
UNITS
500,000
PRICE
2008
UNITS
540,000
PRICE
2009
UNITS
577,800
PRICE
CAGR 2007-2009
ABSOLUTE PER UNIT
7.50%
\$25,000,000.00
1,500,000.00
\$26,500,000.00
\$50.00
\$3.00
\$53.00
\$28,080,000.00
1,593,000.00
\$29,673,000.00
\$52.00
\$2.95
\$54.95
\$30,946,968.00
1,675,620.00
\$32,622,588.00
\$53.56
\$2.90
\$56.46
11.26%
5.69%
10.95%
3.50%
(1.68%)
3.21%
\$10,000,000.00
5,000,000.00
200,000.00
500,000.00
500,000.00
35,000.00
15,000.00
\$16,250,000.00
\$20.00
\$10.00
\$0.40
\$1.00
\$1.00
\$0.07
\$0.03
\$32.50
\$11,124,000.00
5,151,600.00
205,200.00
513,000.00
502,200.00
43,200.00
10,800.00
\$17,550,000.00
\$20.60
\$9.54
\$0.38
\$0.95
\$0.93
\$0.08
\$0.02
\$32.50
\$12,260,916.00
5,304,204.00
213,786.00
531,576.00
502,686.00
40,446.00
17,334.00
\$18,870,948.00
\$21.22
\$9.18
\$0.37
\$0.92
\$0.87
\$0.07
\$0.03
\$32.66
10.73%
3.00%
3.39%
3.11%
0.27%
7.50%
7.50%
3.00%
(4.19%)
(3.82%)
(4.08%)
(6.73%)
0.00%
0.00%
YEAR 1
DRIVER
Rationale
7.50% Absolute CAGR from 2007-2009
3.50% Price per Unit CAGR from 2007-2009
5.70% Absolute CAGR from 2007-2009
Not forecasted, it Calculates from the other 2
3.00% Price per Unit CAGR from 2007-2009
3.00% Absolute CAGR from 2007-2009
3.40% Absolute CAGR from 2007-2009
3.40% As per Professor Sullivan’s Model
#N/A
Depreciation is constant
45,000.00 FIXED
0.05% 3 yr AVG as % of Revenues (see below)
UNITS
621,135
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
\$34,432,370.27
1,771,130.34
\$36,203,500.61
\$13,575,899.24
5,463,330.12
221,054.72
549,649.58
502,686.00
45,000.00
18,101.75
\$20,375,721.42
EBIT
Margin
10,250,000.00 \$20.50
38.68%
12,123,000.00 \$22.45
40.86%
13,751,640.00 \$23.80
42.15%
EBIT
Margin
15,827,779.19
43.72%
EBITDA
Margin
10,750,000.00 \$21.50
40.57%
12,625,200.00 \$23.38
42.55%
14,254,326.00 \$24.67
43.69%
EBITDA
Margin
16,330,465.19
45.11%
Common Size Statement – % of Revenues
REVENUES
Products
Service
TOTAL REVENUE
EXPENSES
COGS
Utilities
Rent
Depreciation
Consultants
TOTAL EXPENSES
Cash Flow ASSUMPTIONS
2007
94.34%
5.66%
100.00%
2008
94.63%
5.37%
100.00%
2009
94.86%
5.14%
100.00%
3yr AVG
94.61%
5.39%
100.00%
37.74%
18.87%
0.75%
1.89%
1.89%
0.13%
0.06%
61.32%
37.49%
17.36%
0.69%
1.73%
1.69%
0.15%
0.04%
59.14%
37.58%
16.26%
0.66%
1.63%
1.54%
0.12%
0.05%
57.85%
37.60%
17.50%
0.70%
1.75%
1.71%
0.13%
0.05%
59.44%
EBIT
38.68%
40.86%
42.15%
40.56%
EBITDA
40.57%
42.55%
43.69%
42.27%
40%
The combined Federal and State Tax Rate
Depreciation is constant (see above)
\$50,000.00 Capital Expenditures per year
\$10,000.00 Leasehold Improvements per year
15%
75 Days
12.0 x
30 Days
Net Present Value Discount rate
Days Sales Outstanding = (Accts Rec*360/Revs)
Inventory Turnover = COGS / Inventory
Accts Payable Days = ((Accts Pay*360)/(Total Exp-Dep))
Cash Flow
YEAR 0
EBIT
Taxes
Inc after Tax
Cash Flow From Operations
YEAR 1
\$15,827,779.19
6,331,111.68
\$9,496,667.52
502,686.00
\$9,999,353.52
Investments
Capital Investments
Leasehold Improvements
Working Capital (see below)
Total Investments
(\$50,000.00)
(10,000.00)
(7,017,634.61)
(\$7,077,634.61)
(\$50,000.00)
(10,000.00)
(812,929.75)
(\$872,929.75)
Net Cash Flow
(\$7,077,634.61)
\$9,126,423.76
Cost of Capital
NPV
15%
\$68,779,830.66
Working Capital
Accounts Receivable
Inventory
Accounts Payable
Total Working Capital
Incremental Working Cap
\$7,542,395.96
1,131,324.94
1,656,086.28
\$7,017,634.61
\$8,371,333.49
1,252,659.54
1,793,428.66
\$7,830,564.36
812,929.75
10 years of Projections
YEAR 1
YEAR 2
PRICE
UNITS
667,720
YEAR 3
PRICE
UNITS
717,799
YEAR 4
PRICE
UNITS
771,634
YEAR 5
PRICE
UNITS
829,507
PRICE
YEAR 6
UNITS
891,720
PRICE
YEAR 7
UNITS
958,599
PRICE
YEAR 8
UNITS
1,030,493
PRICE
YEAR 9
UNITS
1,107,780
PRICE
YEAR 10
UNITS
1,190,864
\$55.43
\$2.85
\$58.29
\$38,310,315.97
1,872,084.77
\$40,182,400.74
\$57.37
\$2.80
\$60.18
\$42,625,015.31
1,978,793.60
\$44,603,808.91
\$59.38
\$2.76
\$62.14
\$47,425,657.66
2,091,584.84
\$49,517,242.49
\$61.46
\$2.71
\$64.17
\$52,766,972.35
2,210,805.17
\$54,977,777.52
\$63.61
\$2.67
\$66.28
\$58,709,852.61
2,336,821.07
\$61,046,673.68
\$65.84
\$2.62
\$68.46
\$65,322,049.76
2,470,019.87
\$67,792,069.63
\$68.14
\$2.58
\$70.72
\$72,678,945.62
2,610,811.00
\$75,289,756.62
\$70.53
\$2.53
\$73.06
\$80,864,411.87
2,759,627.23
\$83,624,039.10
\$73.00
\$2.49
\$75.49
\$89,971,766.26
2,916,925.98
\$92,888,692.23
\$21.86
\$8.80
\$0.36
\$0.88
\$0.81
\$0.07
\$0.03
\$32.80
\$15,031,914.43
5,627,230.02
228,570.58
568,337.67
502,686.00
45,000.00
20,091.20
\$22,023,829.91
\$22.51
\$8.43
\$0.34
\$0.85
\$0.75
\$0.07
\$0.03
\$32.98
\$16,644,087.26
5,796,046.92
236,341.98
587,661.15
502,686.00
45,000.00
22,301.90
\$23,834,125.22
\$23.19
\$8.07
\$0.33
\$0.82
\$0.70
\$0.06
\$0.03
\$33.20
\$18,429,165.62
5,969,928.33
244,377.61
607,641.63
502,686.00
45,000.00
24,758.62
\$25,823,557.81
\$23.88
\$7.74
\$0.32
\$0.79
\$0.65
\$0.06
\$0.03
\$33.47
\$20,405,693.63
6,149,026.18
252,686.45
628,301.45
502,686.00
45,000.00
27,488.89
\$28,010,882.60
\$24.60
\$7.41
\$0.30
\$0.76
\$0.61
\$0.05
\$0.03
\$33.77
\$22,594,204.27
6,333,496.97
261,277.79
649,663.69
502,686.00
45,000.00
30,523.34
\$30,416,852.06
\$25.34
\$7.10
\$0.29
\$0.73
\$0.56
\$0.05
\$0.03
\$34.11
\$25,017,432.68
6,523,501.88
270,161.23
671,752.26
502,686.00
45,000.00
33,896.03
\$33,064,430.08
\$26.10
\$6.81
\$0.28
\$0.70
\$0.52
\$0.05
\$0.04
\$34.49
\$27,700,552.33
6,719,206.93
279,346.72
694,591.84
502,686.00
45,000.00
37,644.88
\$35,979,028.70
\$26.88
\$6.52
\$0.27
\$0.67
\$0.49
\$0.04
\$0.04
\$34.91
\$30,671,436.57
6,920,783.14
288,844.51
718,207.96
502,686.00
45,000.00
41,812.02
\$39,188,770.20
\$27.69
\$6.25
\$0.26
\$0.65
\$0.45
\$0.04
\$0.04
\$35.38
\$33,960,948.14
7,128,406.63
298,665.22
742,627.03
502,686.00
45,000.00
46,444.35
\$42,724,777.37
\$25.48
18,158,570.83
45.19%
\$27.19
20,769,683.69
46.56%
\$28.94
23,693,684.68
47.85%
\$30.71
26,966,894.93
49.05%
\$32.51
30,629,821.62 \$34.35
50.17%
34,727,639.55 \$36.23
51.23%
39,310,727.92 \$38.15
52.21%
44,435,268.90 \$40.11
53.14%
50,163,914.86
54.00%
\$26.29
18,661,256.83
46.44%
\$27.95
21,272,369.69
47.69%
\$29.64
24,196,370.68
48.86%
\$31.36
27,469,580.93
49.96%
\$33.12
31,132,507.62 \$34.91
51.00%
35,230,325.55 \$36.75
51.97%
39,813,413.92 \$38.64
52.88%
44,937,954.90 \$40.57
53.74%
50,666,600.86
54.55%
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
\$18,158,570.83
7,263,428.33
\$10,895,142.50
502,686.00
\$11,397,828.50
\$20,769,683.69
8,307,873.48
\$12,461,810.21
502,686.00
\$12,964,496.21
\$23,693,684.68
9,477,473.87
\$14,216,210.81
502,686.00
\$14,718,896.81
\$26,966,894.93
10,786,757.97
\$16,180,136.96
502,686.00
\$16,682,822.96
\$30,629,821.62
12,251,928.65
\$18,377,892.97
502,686.00
\$18,880,578.97
\$34,727,639.55
13,891,055.82
\$20,836,583.73
502,686.00
\$21,339,269.73
\$39,310,727.92
15,724,291.17
\$23,586,436.75
502,686.00
\$24,089,122.75
\$44,435,268.90
17,774,107.56
\$26,661,161.34
502,686.00
\$27,163,847.34
\$50,163,914.86
20,065,565.95
\$30,098,348.92
502,686.00
\$30,601,034.92
(\$50,000.00)
(10,000.00)
(904,616.49)
(\$964,616.49)
(\$50,000.00)
(10,000.00)
(1,006,602.48)
(\$1,066,602.48)
(\$50,000.00)
(10,000.00)
(1,120,045.07)
(\$1,180,045.07)
(\$50,000.00)
(10,000.00)
(1,246,231.80)
(\$1,306,231.80)
(\$50,000.00)
(10,000.00)
(1,386,595.02)
(\$1,446,595.02)
(\$50,000.00)
(10,000.00)
(1,542,728.21)
(\$1,602,728.21)
(\$50,000.00)
(10,000.00)
(1,716,404.08)
(\$1,776,404.08)
(\$50,000.00)
(10,000.00)
(1,909,594.77)
(\$1,969,594.77)
(\$50,000.00)
(10,000.00)
(559,901.47)
(\$619,901.47)
\$10,433,212.00
\$11,897,893.74
\$13,538,851.74
\$15,376,591.16
\$17,433,983.95
\$19,736,541.52
\$22,312,718.68
\$25,194,252.57
\$29,981,133.45
\$9,292,460.19
1,387,007.27
1,944,286.60
\$8,735,180.86
904,616.49
\$10,316,092.19
1,535,763.80
2,110,072.65
\$9,741,783.34
1,006,602.48
\$11,453,703.65
1,700,474.47
2,292,349.72
\$10,861,828.40
1,120,045.07
\$12,718,057.02
1,882,850.36
2,492,847.17
\$12,108,060.20
1,246,231.80
\$14,123,347.84
2,084,786.06
2,713,478.67
\$13,494,655.22
1,386,595.02
\$15,685,365.96
2,308,379.36
2,956,361.89
\$15,037,383.43
1,542,728.21
\$17,421,674.81
2,555,953.05
3,223,840.35
\$16,753,787.51
1,716,404.08
\$19,351,810.88
2,830,079.01
3,518,507.61
\$18,663,382.28
1,909,594.77
\$19,932,365.21
2,914,981.38
3,624,062.84
\$19,223,283.75
559,901.47
YEAR 10
PRICE
\$75.55
\$2.45
\$78.00
\$28.52
\$5.99
\$0.25
\$0.62
\$0.42
\$0.04
\$0.04
\$35.88
\$42.12
\$42.55

attachment

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income statements

discount rate

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