At the end of 2021, an analyst forecasts the following cash flows (in millions) for a firm w net debt of $210 million. The firm has 250 million shares outstanding at the end of 2021.

2022 2023

Cash flows from operations $1300 $1380

Cash flows from investment $800 $750

Using a required return of 8 percent, you are required to calculate the following. a. Value per share assuming the free cash flow will remain at the 2025 level after 2025. b. Value per share assuming the free cash flow will grow at 2 percent per year after 2025.

c. What recommendations the analyst would provide to her clients (i.e. Buy, Sell, or Hold firms shares) under the scenario of part b? Assume that the current market price is $50 share.

NOTE: Round your answers to two decimal places.