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Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Brandtly

Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Brandtly does not pay any dividends, and it has no plans to pay dividends in the near future. A major pension fund is interested in purchasing Brandtly's stock. The pension fund manager has estimated Brandtly's free cash flows for the next 4 years as follows: $2 million, $6 million, $12 million, and $16 million.
After the fourth year, free cash flow is projected to grow at a constant 6%.
Brandtly's WACC is 15%, the market value of its debt and preferred stock totals $66 million, the firm has $13 million in non-operating assets, and it has 9 million shares of common stock outstanding.
What is an estimate of Brandtly's price per share?

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