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: $4 million, $5 million, $10 million, and $15 million. After the fourth year, free cash flow is projected to grow at a constant 3%. Brandtly's WACC is 14%, the market value of its debt and preferred stock totals $66 million, the firm has $15 million in nonoperating assets, and it has 23 million shares of common stock outstanding.

1. What is the present value of the free cash flows projected during the next 4 years? Do not round intermediate calculations. Round your answer to the nearest dollar. Write out your answers completely. For example, 13 million should be entered as 13,000,000.
2. What is the firm's horizon, or continuing, value? Round your answer to the nearest dollar. Write out your answers completely. For example, 13 million should be entered as 13,000,000. $
3. What is the market value of the company's operations? Do not round intermediate calculations. Round your answer to the nearest dollar. Write out your answers completely. For example, 13 million should be entered as 13,000,000.

What is the firm's total market value today? Do not round intermediate calculations. Round your answer to the nearest dollar. Write out your answers completely. For example, 13 million should be entered as 13,000,000.

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d. What is an estimate of Brandtly's price per share? Do not round intermediate calculations. Round your answer to the nearest cent.

19. Problem 9.19 (Corporate Valuation) outs, and it has 23 milsan shares of common stock outstanding. wamnila in miman ahold be entered as 13,000,000. untered as 13,600,000 1 13.000 .000 4 d. What is an esemate of Branctiy's price per share? Do not round intermediath calculations. Alound your answer to the nesrest cent. ebook: debt and preferred stock totels 566 million, the firm has $15 million in nonoperating assets, and it han 23 milion sharea of cornmen stock outstandiog. anawers coenciatelv. Far example, 13 million should be entered as 13,000,000. 3 13,000.000. 5. example, 13 million should be entered as 13,000,000. $ milion should be entered as 13,000,000. s. d. What is an estimate of Brandtly's price per share? Do not round intermediate calculations, flound vour answer to the nabrest cent. $ 19. Problem 9.19 (Corporate Valuation) outs, and it has 23 milsan shares of common stock outstanding. wamnila in miman ahold be entered as 13,000,000. untered as 13,600,000 1 13.000 .000 4 d. What is an esemate of Branctiy's price per share? Do not round intermediath calculations. Alound your answer to the nesrest cent. ebook: debt and preferred stock totels 566 million, the firm has $15 million in nonoperating assets, and it han 23 milion sharea of cornmen stock outstandiog. anawers coenciatelv. Far example, 13 million should be entered as 13,000,000. 3 13,000.000. 5. example, 13 million should be entered as 13,000,000. $ milion should be entered as 13,000,000. s. d. What is an estimate of Brandtly's price per share? Do not round intermediate calculations, flound vour answer to the nabrest cent. $