4. Corporate valuation model Aa Aa Happy Fliers Aviation Inc.'s free cash flows (FCFs) are expected to grow at a constant long-term growth rate (9uy of 19% per year into the future. Next year, the company expects to generate a free cash flow of $5,000,000. The market value of Happy Fliers's outstanding debt and preferred stock is $25,000,000 and $13,888,889, respectively. Happy Fliers has 5,250,000 shares of common stock outstanding, and its weighted average cost of capital (WACC) is 28% Given the preceding information, complete the adjacent table (rounding each value to the nearest whole dollar), and assuming that the firm has not had any nonoperating assets in its balance sheet. Term Value Value of Operations Value of Firm's Common Equity Value of Common Stock (per share) | Oops, a more careful review of Happy Fliers's balance sheet actually reports a $2,370,000 portfolio of marketable securities. How does this new information affect the intrinsic value of Happy Fliers's common equity (expressed on a per-share basis) assuming no other changes to the Happy Fliers financial situation? Review the statements below and select those that accurately describe Happy Fliers's financial situation. The intrinsic value of the company's common stock isn't affected by the new information The revised intrinsic value of Happy Fliers's common stock is $3.63 per share. The greater the market value of the marketable securities portfolio, the smaller the company's total intrinsic (entity) value. The intrinsic value of Happy Fliers's common stock increases with the inclusion of the company's marketable securities portfolio into the analysis