EXELON 2014 and 2015 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2014 2015 2014 2015 Current assets $ 952 $ 1,020 Current liabilities $ 385 $ 407 Net fixed assets 3,997 4,612 Long-term debt 2,038 2,212 Equity 2,526 3,013 EXELON 2015 Select IncomeStatement Info Sales $ 12,625 Costs 6,025 Depreciation 1,090 Interest paid 190 The tax rate is 35%. Long term debt trades at 200% of par. The firm has 300 shares outstanding. Free Cash Flow to the Firm and the Free Cash Flow to Equity are not expected to grow. The weighted average cost of capital is 12%. The cost of equity is 16%. Construct the income statement. Then answer the following 7 questions.
What is the change in net working capital for 2015?
What is the change in gross fixed assets, i.e. capital expenditures, for 2015?
What is the Free Cash Flow to the Firm for 2015?
What is the Value of the Firm (Assets)?
What is the stock price per share using the discounted FCFF valuation?
What is the Free Cash Flow to Equity for 2015?
What is the stock price per share using the discounted FCFE valuation?