cash flow will grow at 5 percent per year in 2023 and 2024, after that this will grow at 4 percent per year. GM had 305 million shares outstanding at the beginning of 2019, trading at $73.25 per share. Using a required return of 10 percent, calculate the following for GM at the beginning of 2019:

	2019	2020	2021	2022
Cash flow from operation	$1,035	$3,180	$3,155	$2,120
Cash investment	425	480	445	820

1. The enterprise value. [6 marks]
2. Equity value. [1 marks]
3. Equity value per share. [2 marks]
4. Based on your estimate, should investors buy the share of this company? [1 marks]