Company Ms cash flows from operations before interest and taxes was $2 million in the year just ended, and it expects that this will grow by 5% per year forever. To make this happen, the firm will have to invest an amount equal to 20% of pre-tax cash flow each year. The tax rate is 35%. Depreciation was $200,000 in the year just ended and expected to grow at the same rate as the operating cash flow. The market capitalization rate for an unleveraged cash flow is 12% per year, and the firm currently has debt of $4 million outstanding. It has 2 million ordinary shares in float and the current market price $7.50. Is this share fairly valued? Show detail workings to support your answer.