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Income Statement					2019A	2020A	2021A
Sales Volume				(000's units)	326.4	326.6	344.5
Unit Price				(CDN$/unit)	654.0	707.9	594.4
	Revenue			(C$ MM)	213.5	231.2	204.8
	Variable Cost			(C$ MM)	95.0	97.4	100.9
	Fixed Cost				65.0	65.0	67.0
	S,G & A			(C$ MM)	3.4	3.6	3.8
	Total Costs			(C$ MM)	163.4	166.0	171.7
	EBITDA			(C$ MM)	50.1	65.2	33.1
	Depreciation			(C$ MM)	15.4	15.5	15.8
	EBIT			(C$ MM)	34.7	49.7	17.3
	Interest Expense			(C$ MM)	15.0	15.0	14.0
	EBT			(C$ MM)	19.7	34.7	3.3
	Total Income Taxes			(C$ MM)	5.7	14.2	1.1
	Net Income			(C$ MM)	$14.0	$20.5	$2.2
	Average Diluted Shares O/S			(MM's)	13.9	14.2	14.6
	Earnings per Share			(C$ / share)	$1.01	$1.44	$0.15

What is the company expected share price? Consider the following assumptions:
The required rate of return is 10%, and the TV growth rate is 3%
The expected tax rate is 36%
The company current outstanding long term debt is $300 million at 5% interest rate, and it is expected to stay at the same level in the coming years
The company sales volume is expected to grow by 10% in 2022 and 2023, and by 5% in the following three years
The company sales price is expected to grow by the inflation rate (expected at 2%)
The expected capex is $10 million annually over the coming 5 years and is depreciated at a rate of 10%
The variable cost margin is expected to be 45% over the coming 5 years
Fixed cost and S,G & A are expected to increase by the inflation rate of 2%
The expected change in net working capital is 10% of the sales (usage)

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