$9-19$ CORPORATE VALUATION Brandtley Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Brandtly does not pay any dividends, and it has no plans to pay dividends in the near future. A major pension fund is interested in purchasing Brandtly$$s stock. The pension fund manager has estimated Brandtly$$s free cash flows for the next $4$ years as follows: $$3$ million, $$6$ million, $$8$ million, and $$16$ million. After the fourth year, free cash flow is projected to grow at a constant $3\%.$ Brandtly$$s WACC is $9\%,$ the market value of its debt and preferred stock totals $$75$ million, the firm has $$15$ million in non$-$operating assets, and it has $7\mathrm{.}5$ million shares of common stock outstanding.

a$.$ When is Brandtly Industries horizon date?

b$.$ What is the firm$$s horizon, or continuing, value?

c$.$ What is the market value of the company$$s operations? What is the firm$$s total market value today?

d$.$ What is an estimate of Brandtly$$s price per share?