Help please

FS to FCF Template

											Solution Legend
											Value given in problem
											Formula/Calculation/Analysis required
											Qualitative analysis or Short answer required
	Financial Data
		2014	2015	2016	2017	2018
		Year 1	Year 2	Year 3	Year 4	Year 5
	Assets
	Cash & Cash Equivalents	$4,658	$3,705	$3,657	$0	$0
	Short-term Investments	-	-	-	$0	$0
	Receivables	$28,009	$19,875	$21,394	$0	$0
	Inventories	$16,678	$16,245	$15,080	$0	$0
	Prepaid Expenses	$3,565	$2,798	$1,285	$0	$0
	Total Current Assets	$52,910	$42,623	$41,416	$0	$0
	Net Property, Plant & Equipment	$296,583	$294,135	$288,898	$0	$0
	Total Assets	$349,493	$336,758	$330,314	$0	$0
	Liabilities
	Accounts payable	$42,227	$32,412	$31,193	$0	$0
	Current maturities of long-term debt	$17,468	$18,762	$13,830	$0	$0
	Income taxes payable	$4,938	$2,802	$2,615	$0	$0
	Total current liabilities	$64,633	$53,976	$47,638	$0	$0
	Long-term debt	$103,796	$105,972	$108,846	$0	$0
	Total Liabilities	$168,429	$159,948	$156,484	$0	$0
	Total stockholders’ equity (deficit)	$181,064	$176,810	$173,830	$0	$0
	Total Liabilities & Shareholder's Equity	$349,493	$336,758	$330,314	$0	$0
	Income Statement	Year 1	Year 2	Year 3	Year 4	Year 5
	Revenue	2014	2015	2016	2017	2018
	Total revenues	$411,939	$268,882	$226,094
	Expenses
	Cost of Goods Sold	$330,128	$217,056	$184,565
	General, administrative and other	$12,598	$11,501	$10,799
	Depreciation and amortization	$17,297	$18,048	$22,308
	Total expenses	$360,023	$246,605	$217,672
	Operating income	$51,916	$22,277	$8,422
	Interest expense	$286	$311	$453
	Income before income taxes	$51,630	$21,966	$7,969
	Income tax benefit (expense)	($18,015)	($5,415)	$406
	Net income	$33,615	$16,551	$8,375
	Dividends Paid	$11,816	$12,260	$12,615
	Non-distributed Income	$21,799	$4,291	($4,240)
	Find Changes in NWC
		Year 1	Year 2	Year 3	Year 4	Year 5
	Current Assets, other than Cash and Marketable Securities	$48,252	$38,918	$37,759	$0	$0
	Current Liabilities, excluding Debt	$47,165	$35,214	$33,808	$0	$0
	Net Working Capital (CA-CL)	$1,087	$3,704	$3,951	$0	$0
	Change in NWC (NWC Investment)		$2,617	$247	($3,951)	$0
	Find CapEx
		Year 1	Year 2	Year 3	Year 4	Year 5
	Net Property, Plant & Equipment	$296,583	$294,135	$288,898	$0	$0
	Depreciation and amortization	$17,297	$18,048	$22,308	$0	$0
	Capex		($1,697)	($977)	($311,206)	$0
	You can read more using the following link	Howard Keen, Clearing Up Confusion over calculation of FCF.
	Estimate FCF
	Tax Rate	35% DL: If you have difficulty estimating company's tax rate you may assume statutory tax rate of 35% before 2018 and 21% thereafter
		Year
		Year 1	Year 2	Year 3	Year 4	Year 5
	EBIT		$22,277	$8,422	$0	$0
	EBIT(1-T) = NOPAT		$14,480	$5,474	$0	$0
	Plus: Depreciation Expense		$18,048	$22,308	$0	$0
	Less: CAPEX		($1,697)	($977)	($311,206)	$0
	Less: Working Capital Investment		$2,617	$247	($3,951)	$0
	Firm Free Cash Flow		$31,608	$28,512	$315,157	$0

Based on historical financial data, find FCF for the company of your choice. 1. In week 1 you were asked to choose a publicly traded company and submit its name for instructor's approval. Assuming 2. Download annual financial data for the last 5 years from Edgar Website (forms 10-K). Attention: if your company became public less than 5 years ago, you will also have to download data from its IPO filing prospectus (form 424B4). Template below is approximate, you may modify it (change, delete, or add rows), to suit your company 3. Using approach similar to the one described in this module's Excel file you will have to calculate the FCF for the company of your choice If you have difficulty estimating company's tax rate you may assume statutory tax rate of 35% for years before 2018. For submission, Excel file is enough

http://www.jgbm.org/page/1%20Howard%20Keen.pdf