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1. Given the following data what is the free cash flow?
2. If you assume 6% growth for three years, 3% growth after that, and a required rate of return of 5% what's the NPV of the cash flow going forward?
3. And at what price would you feel it's a strong buy and what price would be a strong sell?
NDNU CORPORATION Common stock (1 million shares)
INCOME STATEMENTS FOR YEAR ENDING SEPTMEBER (THOUSANDS OF DOLLARS)
2013
2012
Sales
126,508
98,249
Operating costs excluding depreciation
47,846
34,431
Earnings before interest and taxes
78,662
63,818
Less interest
0
Earnings before taxes
Taxes (25%)
19,665
15,954
Net income available to common stockholders
58,996
47,863
Common dividends
BALANCE SHEETS FOR YEAR ENDING SEPTEMBER (THOUSANDS OF DOLLARS)
Assets
Cash and marketable securities
59,129
35,982
Accounts receivable
41,275
13,731
Inventories
7,249
5,305
Total current assets
107,673
55,018
Net plant and equipment
and other assets
98,621
84,782
Total assets
206,294
139,800
Liabilities and equity
Accounts payable
42,589
33,879
Notes payable
Accruals
Total current liabilities
Long-term bonds
Total debt
Retained earnings
137,474
82,477
Common stock
26,121
23,444
Common Equity
163,595
101,922
Total liabilities and equity
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