Dantzler Corporation is a fast-growing supplier of office products. Analysts project the following free cash flows (FCFs) during the next 3 years, after which FCF is expected to grow at a constant 7% rate. Dantzler's WACC is 12%.

Year	0		1		2		3
	.......	.......	.......	.......	.......	.......	.......	.......
FCF ($ millions)	.......	.......	.......	.......	.......	.......	.......	......
			- $18		$18		$60

The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below.

Open spreadsheet

Corporate valuation
Dollars/shares in millions
FCF1	-$18.00
FCF2	$18.00
FCF3	$60.00
Constant growth rate, gn	7.00%
WACC	12.00%
Market value of debt	$157.00
Common shares outstanding	32
		0	1	2	3	4
FCFs			-$18.00	$18.00	$60.00
Horizon value
Total FCFs
PV of FCFs to investors
Firm value today
Market value of equity, MVEquity
Price per share, P0
Formulas
		0	1	2	3	4
FCFs			-$18.00	$18.00	$60.00	#N/A
Horizon value					#N/A
Total FCFs			#N/A	#N/A	#N/A
PV of FCFs to investors			#N/A	#N/A	#N/A
Firm value today		#N/A
Market value of equity, MVEquity		#N/A
Price per share, P0		#N/A

1. What is Dantzler's horizon, or continuing, value? (Hint:Find the value of all free cash flows beyond Year 3 discounted back to Year 3.) Round your answer to two decimal places. Enter your answer in millions. For example, an answer of $13,550,000 should be entered as 13.55.

   $ million

2. What is the firm's value today? Round your answer to two decimal places. Enter your answer in millions. For example, an answer of $13,550,000 should be entered as 13.55. Do not round your intermediate calculations.

   $ million

3. Suppose Dantzler has $157 million of debt and 32 million shares of stock outstanding. What is your estimate of the current price per share? Round your answer to two decimal places. Write out your answer completely. For example, 0.00025 million should be entered as 250.

   $