Compute the average growth rate of FCF (whole firm) using Excel's LOGEST or LINEST function. Express your answer in decimal notation (i. e., use 0.0123 for 1.23%). You will use this growth rate as the super-normal growth rate (gs) in the following problem

1. FCF = Cash flow from operations less capital expenditures

E. g., for example, for the 12/31/2014 period

FCF_2014 = 3892 - 385 = 3507

2. You must sort FCFs vertically from oldest to newest prior to using the LOGEST or LINEST function.

3.Apply the MGF (Multi-Growth Free Cash Flow) model to TXN (Links to an external site.) using the super-normal growth rate (gs) from the previous problem, long-term growth rate g=4.44%, and WACC=10% to find the Value of operations (Vop). Express your answer in millions (i. e., use 12,300.00 to represent 12.3 billion).

4.Using the data for TXN on the OneDrive http://1drv. ms/1MkWICq and the answers to the previous two problems, compute the intrinsic value per share (based on Average shares diluted) for TXN stock using the MGF (multi-growth FCF) model.