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Based on the two scenarios, model cash flows for American Greetings for fiscal years 2012 through 2015 and estimate its terminal value. Based on the discounted cash flows associated with the forecast, what is the implied enterprise value of American Greetings and the corresponding share price?

American Greetings Valuation Model: Bullish Scenario

(in millions of dollars)

	2011	2012	2013	2014	2015	Steady State
Revenue Growth	5.3%	1.0%	1.5%	2.0%	2.5%	3.0%	Bullish view (Exhibit 45.8)
Operating Margin	9.4%	9.0%	9.0%	9.0%	9.0%	9.0%	Bullish view (Exhibit 45.8)
NWC Turnover	5.02	6.00	6.50	7.00	7.50	7.50	Bullish view (Exhibit 45.8)
Fixed Assets Turnover	1.95	1.95	1.95	1.95	1.95	1.95	Bullish view (Exhibit 45.8)
Revenue	1,677						Exhibit 45.2
EBIT	157						Exhibit 45.2
NWC	334						Exhibit 45.3
Fixed Assets	859						Exhibit 45.3
NOPAT
- Increases in NWC
- Increases in Net Fixed Assets
Free Cash Flow
Terminal Value

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