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You are working with a colleague who says he has completed a DCF model for Autozone. He tells you he has made the following assumptions: Valuation date of December, 2020 (in other words, the first year of the explicit forecast period is FY2021) Cost of equity = 9% Cost of debt = 5% WACC = 10% Terminal growth rate assumption: 8% Marginal tax rate = 21% Marketable securities are not included in excess cash (for bridging from EV to implied share price) PP&E as a % of sales increases from 15% of sales in Year 1 to 25% of sales in Year 5, the end of the explicit forecast period Dividends of 10% of NOPAT are paid every year and reduce unlevered free cash flow Related to the list of assumptions above, name four things that are either wrong and/or unreasonable. Provide an explanation for each as to why it is wrong and/or unreasonable.

After reading Alaska Air Group’s 10-K, you find the following table on p. 37 of the MD&A section:    In addition, you read the following: Lease Return Costs (p. 61 in Note 2) “Alaska removed 40 leased aircraft from operating service in 2020, and recorded an estimate of the expected future lease return costs for the aircraft of $209 million to Special Items – Impairment Charges….. In 2021, the Company recorded a net benefit of $1 million associated with changes to these estimates.” Workforce Restructuring (p. 61 in Note 2) “In 2020….Alaska recorded $220 million in wage expense to Special Items – restructuring charges…..Throughout 2021, the Company continued to refine and update capacity expectations and training schedules, which resulted in changes to anticipated leave lengths. As a result, Alaska recorded a net benefit of $10 million during the year ended December 31, 2021.”   Assuming the impairment benefit, restructuring benefit and payroll support wage offset benefit are all one-time items, what was Alaska Air Group’s EBITDA for the year ended December 31, 2021?

Where would non-controlling interest appear in a company’s financial statements? (describe at least two places).

A company with no debt in its current capital structure would have a WACC equal to its

Anthropologists would not waste their time studying popular culture. 

Which of the words best completes the sentence? Superman and Mickey Mouse are two of the most iconic figures in _______ culture.

When a sprinter uses starting blocks to enhance running performance, which of Newton’s laws is best represented by the interaction of the sprinter and the blocks?

Which of the words best completes the sentence? In the ________ of the scene, the eyes in the portrait start following the protagonist walking through the hall.   

What document replaced the American Hospital Association’s Statement on a Patient’s Bill of Rights?

A patient who is being treated for a knife wound in his abdomen says the knife slipped while he was carving a jack-o-lantern. When he first called the office, he said he had tripped with a hunting knife. This wound should be reported as a possible