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9. Frank Martin Bread Company is projected to generate free cash flows of $80 million per year for the next two years, after which it

9. Frank Martin Bread Company is projected to generate free cash flows of $80 million per year for the next two years, after which it is projected grow at a steady rate in perpetuity. The company's cost of capital is 11%. It has $250 million of debt and $12 million in cash. There are 30 million shares outstanding. Comparable companies trade at an average EV/FCFF multiple of 9. Using the exit multiple method for terminal value and DCF for the rest, what is your estimate of its share price?

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