The free cash flow to the equity holders of the firm in the most recent fiscal year was $120 million. The FCFE is expected to grow at 25% for the next 2 years, then 12% for the next 3 years, and then at 6% per year thereafter. The firm’s cost of equity is 15%, it has 30 million shares outstanding, and the market value of its debt is $100 million. What is the intrinsic value per share of its stock?



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