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5. Refer to the table containing a companys financial statements below:

Year ending	30-Jun-18	Number of shares on issue			4,344,335
Cash	$6,089,256	Company tax rate			30.00%
Other assets	$84,947,093	Weighted average cost of capital			12.31%	per annum
Debt and liabilities	$25,155,653	Growth rate in FCFs from 2022			5.74%	per annum
Equity (book value)	$65,880,696

Year ending	30-Jun-18	Growth rate	30-Jun-19	30-Jun-20	30-Jun-21	30-Jun-22
Sales revenue	$71,687,735	3.10%	$73,910,055	$76,201,266	$78,563,506	$80,998,974
Operating expenses	$40,219,592	2.70%	$41,305,521	$42,420,770	$43,566,131	$44,742,416
Depreciation	$24,135,494	4.00%	$25,100,914	$26,104,950	$27,149,148	$28,235,114
EBIT	$7,332,649		$7,503,620	$7,675,546	$7,848,227	$8,021,444
Interest paid	$3,675,178	8.10%	$3,972,867	$4,294,670	$4,642,538	$5,018,583
Tax payable	$1,097,241		$1,059,226	$1,014,263	$961,707	$900,858
Net income	$2,560,230		$2,471,527	$2,366,614	$2,243,982	$2,102,002
Capital expenditure	$9,245,312	6.00%	$9,800,031	$10,388,033	$11,011,315	$11,671,993
Increase in working capital	$2,735,756	2.50%	$2,804,150	$2,874,254	$2,946,110	$3,019,763

(e) Recalculate the value per share, based on mid-year discounting (with a nominal conversion of the annual discount rate) of the free cash flows. (1 mark)

(Please use excel function to answer)

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