8-24 Assume that today is December 31, 2015, and the following information ples i e Corporate Sky Airlines Valuation Model . After-tax operating profit EBITO-T), also called NOPATI for 2016 expected to be milion. The net capital expenditures for 2016 are expected to be $100 million (depreciation has already been deducted to arrive at the 100 million). No change is expected in net operating working capital The free cash flow is expected to grow at a constant rate of 6% per year. The required rate of return on equity is 14%. The WACC is 10%. The market value of the company's debt is $3 billion. 200 million shares of stock are outstanding. Using the free cash flow approach, what should the company's intrinsic stock price be today! (Note: Chapter 2 discussed how to calculate free cash flow.)