2. (End-of-chapter numerical problem 15.12) Bayani Bakerys most recent FCF was $48 million; the FCF is expected to grow at a constant rate of 6%. The firms WACC is 12%, and it has 15 million shares of common stock outstanding. The firm has $30 million in excess cash, which it plans to liquidate and distribute to shareholders via a stock repurchase in the open market. It has $428 million in debt.

a. What is the enterprise value?

b. Immediately prior to the repurchase, what is the value of equity and the stock price?

c. How many shares will be repurchased? How many shares will remain after the repurchase?

d. Immediately after the repurchase, what is the value of equity? The stock price?