4. Portage Bay Enterprises has $1 million in excess cash, no debt, and is expected to have free cash flow of $10 million next year. Its FCF is then expected to grow at a rate of 3% per year forever. If Portage Bay's equity cost of capital is 11% and it has 5 million shares outstanding, what should be the price of Portage Bay stock? 5. Heavy Metal Corporation is expected to generate the following free cash flows over the next five years: