31. Lisa Smith, an analyst with T.D. Securities, is trying to evaluate Company A's target stock price per share. Free cash flow (FCF) estimates for the next 3 years are - $2, $12, and $18 million, after which the FCF is expected to grow at 4%. The overall firm cost of capital is 10%. The firm has $40 million in debt and has 16 million shares of stock. What is the estimated value per share? a $10.5 b. $11.5 c. $12.5 d. $13.5 e. $14.5