4. DMH Enterprises 2018 and 2019 balance sheets (in thousands of dollars) are shown below: 2019 2018 Cash $102,850 $89,725 Accounts Receivable 103,365 85,527 Inventories 38,444 34,982 Total Current Assets $244,659 $210,234 Net Fixed Assets 67,165 42,436 Total Assets 311,824 $252,670 Accounts Payable Accruals Notes Payable Total current liabilities Long-term debt Total Liabilities Common Stock Retained Earnings Total Common Equity Total Liabilities and Equity $30,761 30,477 16,717 $77.955 76,264 $154,219 100,000 57,605 $157,605 $311,824 $23,109 22,656 14,217 $59,982 63,914 $123,896 90,000 38,744 $128,774 $252,670 Sales for 2019 were $455,150,000, and EBITDA was 35% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40% and DMH pays 40% of its net income as dividends. a. Calculate free cash flow for 2019. b. Use the corporate valuation model to find the value of the firm's stock given the following assumptions: Free cash flow is expected to grow at a rate of 12% over the next 2 years, at 10% for the following 2 years and then it will level off to 8%. The market value of debt is $1.2 billion and the firm has 200 million shares of common stock outstanding. DMH Enterprises weighted average cost of capital is 10%