1) You estimate Bayleaf Inc. has free cash flows of $70 million arriving in 1 year, $74 million in 2 years, and $80 million in 3 years. After year 3, the long term growth rate of FCF will be 3% (thus year 4 FCF is $82.4 million). Bayleaf has $241 million in net debt and a weighted average cost of capital of 14%. What is your estimate of the Enterprise Value of Bayleaf (in millions)?

2)You believe Orange Inc. has an enterprise value of $833 million. Orange's balance sheet shows $77 million in cash and $165 million in debt. What is your estimate for the stock price if Orange has 5 million shares outstanding?