1. Bird Song Industries makes a bird seed that sets native song birds singing all day long. Its product has been discovered by the back-to-nature crowd around the world. As a result, Bird Song's executives expect free cash flow (FCF) to grow rapidly over the next 4 years. The forecast FCFs are 20, 40, 75 and 90 in years 2016 2019, respectively. However, by 2020 Bird Song expects growth to slow to 3% per year in perpetuity. Bird Song's weighted average cost-of-capital (WACC) is 9%. What is Bird Songs fundamental value?