Your firm just finished the year, in which it had cash earnings of $400 (thousand).
You forecast your firm to have a quick growth phase from year 0 to year 5, in which it grows at a rate of 40% per annum.
Your firm's growth then slows down to 20% per annum, from year 5 to year 10.
Finally, beginning in year 11, you expect the firm to settle into its long-term growth rate of 2% per annum. You also expect your cost of capital to be 15% over the first 5 years, then 10% over the next 5 years, and 8% thereafter.
What do you think your firm is worth today?
(Note: This problem is easiest to work in a computer spreadsheet.)