Valuation ModelsYour answers to this section should be organized using an Excel spreadsheet and submit- ted to Sakai in the “Assignments” tool.1. Reference the worksheet titled “Income Statement” in...

Valuation ModelsYour answers to this section should be organized using an Excel spreadsheet and submit- ted to Sakai in the “Assignments” tool.1. Reference the worksheet titled “Income Statement” in the file “AAPL Financial Data”. Use the dividend information you find there to value Apple using the non- constant growth dividend discount model. Assume Apple’s cost of equity is 9.4%. You will need to estimate the dividend at time 1 and Apple’s growth rate. Explain your assumptions. (15 points)2. Reference the worksheet titled “Company Snapshot” in the file “AAPL Financial Data”. Value Apple using one of the financial multiples found there. Your reference multiples should be the peers you identified in the previous section of this case. (10 points)3. Reference the worksheet titled “Cash Flow Statement” in the file “AAPL Financial Data”. Using Apple’s free cash flows create a value for Apple using the non-constant growth corporate valuation model we discussed in class. You will need to forecast Ap- ple’s free cash flows for at least 5 years, determine a horizon value, discount cash flows back to the present time, and adjust for Apple’s debt, cash, and shares outstanding. Assume Apple’s WACC is 8.7%; explain your other assumptions. (20 points)4. Reference the worksheet titled “Ratings” in the file “AAPL Financial Data”. How do your valuation numbers for Apple compare to the consensus estimates by professional analysts? Why might your conclusions be different from the professional analysts? (10 points, 75-150 words)