ABC Corp is a manufacturing company with the following information:

$1.$ Financial Statements:

$$ Net Income: $$10$ million

$$ Depreciation: $$5$ million

$$ Capital Expenditures $($CapEx$)$: $$8$ million

$$ Changes in Working Capital: $$2$ million $($increase$)$

$2.$ Balance Sheet:

$$ Total Debt: $$40$ million $($long$-$term debt$)$

$$ Total Equity: $$60$ million

$$ Total Assets: $$100$ million

$3.$ Market Information:

$$ Risk$-$Free Rate: $3\%$

$$ Market Risk Premium: $5\%$

$$ Comparable Companies' Unlevered Beta: $1\mathrm{.}0($average of industry peers$)$

$$ Tax Rate: $30\%$

$$ Current Stock Price: $$25$ per share

$$ Number of Shares Outstanding: $4$ million

$4.$ Assumptions:

$$ Terminal Growth Rate: $5\%$

$$ Long$-$term WACC: $0\mathrm{.}25\%$ less than the initial WACC

Questions:

a$.$ Calculate the Free Cash Flow to the Firm $($FCFF$)$ for ABC Corp for the next five years.

b$.$ Determine the Cost of Equity using the Capital Asset Pricing Model $($CAPM$)$ with unlevered beta.

c$.$ Calculate the Levered Beta for ABC Corp by using the industry average unlevered beta and the company's capital structure.

d$.$ Calculate the Cost of Equity using the Capital Asset Pricing Model $($CAPM$)$ with the calculated levered beta.

e$.$ Calculate the Weighted Average Cost of Capital $($WACC$)$ for ABC Corp using the levered beta.

f$.$ Use the DCF valuation formula to estimate the intrinsic value per share for ABC Corp for the next five years, considering the calculated levered beta.

g$.$ Add the terminal value to the DCF valuation using the Gordon Growth Model with a terminal growth rate of $5\%.$

h$.$ Calculate the present value of the terminal value using the long$-$term WACC $(0\mathrm{.}25\%$ less than the initial WACC$).$

i$.$ Sum the present values of the FCFF and terminal value to get the intrinsic value per share.