Analysing Johnson & Johnson

	Growth	14%	Duration	10
	Constant Growth Phase	0%
	Discount Rate	9%
Year		Free Cash Flow	PV Factor	Present Value
1	2005	9,245	1	9,245.00
2	2006	10,536	0.917	9,666.15
3	2007	12,008	0.842	10,106.48
4	2008	13,684	0.772	10,566.88
5	2009	15,595	0.708	11,048.24
6	2010	17,773	0.650	11,551.54
7	2011	20,256	0.596	12,077.76
8	2012	23,084	0.547	12,627.96
9	2013	26,308	0.502	13,203.21
10	2014	29,982	0.460	13,804.68
11	2015	34,169	0.422
	Future value at Constant growth	379,660	0.388
	Future Int Value		0.356
	NPV	274,899.43
	Total Common Share	2,904.32
	Value per Share	94.65
	Margin of Safety	30%
	Estimate	66.26
	Current price	$66