$a.$ Calculating the estimated horizon value $(i.e.,$ the value $of$ operations $at$ the end $of$ the forecast

period immediately after the Year$-4$ free cash flow$)$

Constant long$-$term growth rate

Horizon value $at$ Year $4$

$c.$ Calculating the estimated Year$-0$ price per share $of$ common equity

Value $of$ operations

Value $of$ marketable $securities$

Total intrinsic value

Value $of$ total debt

Value $of$ preferred stock