Benusg Company has a weighted average cost of capital of 8% and 20 million shares outstanding.

At the beginning of 2021, its share price is $150 and the book value of its net debt is $2,000 million. You are given the free cash flow (FCF) predictions shown below, in $million.

2021 : 51.3

2022: 55.8

2023 : 62.6

2024 : 80.6

2025 : 92.1

(b.) If these predictions are correct, and if FCF is expected to grow at a constant rate from the year 2026 onwards, then what FCF growth rate is implied by the share price at the beginning of 2021?

Comment on the implied FCF growth rate, and hence on the market valuation of the company.