$9-20.$ IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part

of your business development strategy, in late $2008$ you initiate discussions with IDX's founder about

the possibility of acquiring the business at the end of $2008.$ Estimate the value of IDX per share using

a discounted FCF approach and the following data:

Debt: $$30$ million

Excess cash: $$110$ million

Shares outstanding: $50$ million

Expected FCF in $2009$: $$45$ million

Expected FCF in $2010$: $$50$ million

Future FCF growth rate beyond $2010$: $5\%$

Weighted$-$average cost of capital: $9\mathrm{.}4\%$