1. Blackbriars most recent free cash flow to the firm (FCFF) is $5,000,000. The companys target debt-to-equity ratio is 0.25. The company has 2 million shares of common stock outstanding and the market value of the firms debt is $10 million. The firms tax rate is 40%, the cost of equity is 10%, the firms pre-tax cost of debt is 8%, and the expected long-term growth rate in FCFF is 5%. Estimate the equity value per share using a single-stage free cash flow to the firm model.