16. The present value of JECK Co.'s expected free cash flow is $91 million. If JECK has $26 million in debt, $4 million in cash, and 3.3 million shares outstanding, what is its share price?

17. 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 13% and it has 6 million shares outstanding, what should be the price of Portage Bay stock?

18. River Enterprises has $497 million in debt and 22 million shares of equity outstanding. Its excess cash reserves are $16 million. They are expected to generate $209 million in free cash flows next year with a growth rate of 2% per year in perpetuity. River Enterprises' cost of equity capital is 13%. After analyzing the company, you believe that the growth rate should be 3% instead of 2%. How much higher (in dollars) would the price per share be if you are right?

20. You are evaluating the stock price of Kroger, a grocery store chain. It has forward earnings per share of $3.49. You notice that its competitor Safeway has a P/E ratio of 13.6. What is a good estimate of Kroger's stock price?

21. CSH has EBITDA of $4 million. You feel that an appropriate EV/EBITDA ratio for CSH is 9. CSH has $11 million in debt, $4 million in cash, and 725,000 shares outstanding. What is your estimate of CSH's stock price?