Bayani Bakery's most recent FCF was $47 million; the FCF is expected to grow at a constant rate of 6%. The firm's WACC is 10%, and it has 15 million shares of common stock outstanding. The firm has $30 million in short-term investments, which it plans to liquidate and distribute to common shareholders via a stock repurchase; the firm has no other nonoperating assets. It has $367 million in debt and $64 million in preferred stock.