Financial Management Project. [stock valuation & CF]

Financial Management Project- [Stock Valuation & CF] Coca Cola
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Free Cash Flow and stock valuation price 
Free Cash Flow (FCF) = Net Income + Non-Cash Expenses – Increase in Working Capital – Capital Expenditures   orFCF = Cash from Operations – Capital Expenditures 
  Average
  30th Mar 2020 2019 2018 2017 2016 2015    (millions) ( millions) ( millions) ( millions) ( millions) (millions)  Cash Flow From Operating Activities           10,471           7,320           6,930            8,792 
10,528  
Capital Expenditures 2,054
1,548
1,750 2,262
2,553     Free Cash Flow $8,417 $5,772 $5,180 $6,530 $7,975 $6,775
The Free cash flow represents the operating cash flow of the company which is determined from the operating profit after tax adding the depreciation and subtracting the investment in assets and working capital.  There were adjustments in the amount of net change in operating assets and liabilities foreign currency adjustments, significant (gains) losses on sales of assets and other items, which were calculated from previous years, with the amount from the latest annual reports and 10 K, were used. In the cash flows forecast there is an assumption that the revenue growth, cash flows, change and number of shares outstanding will follow a similar pattern. The value of the company in the market will depend on the current value and it is assumed that Coca Cola will continue to generate future cash flows.
 
Mar-20 2019 2018 2017 2016 2015 Average
Common Shares Outstanding 4,276 4,259 4,272 4,317 4,352  Share price 44.25 55.35 47.35 45.88 41.46 42.96  Equity        236,677       201,664      195,999    178,983    186,962 200,057
Debt 42,763 43,555 47,685 45,709 44,213 44,785
   Total 244,842
Weight of equity = E / (E + D) = 200,507/ (2...