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Use the Free Cash Flow method of valuation and the following data, to calculate the value for a venture with the following information.
Expected sales at year zero (or beginning of year 1): $2.50 M
Growth rate in sales for the first 8 years: 35%; and for years 9-on: 10%;
Annual profit margin (or EBIAT/Sales) for all years=22%;
Annual asset intensity ratio (or (FA+WC)/Sales) for all years = 32%;
Discount rate in years 1-8: 30%, and in years 9-on: 16%.