Dion Corporation reported earnings per share of $$1\mathrm{.}00$ in $2023,$ and paid no dividends. These earnings were expected to remain at $25\%$ of revenues, which were $$90$ million in $2023,$ and were expected to grow $8\%$ a year from $2024$ to $2028$ and $5\%$ a year after that. The firm was expected to finance $10\%$ of its capital expenditures and working capital.

a$.$ Estimate the expected free cash flow to equity from $2024$ to $2028,$ assuming that capital expenditures and depreciation grow at the same rate as earnings.

b$.$Estimate the terminal price per share $($at the end of $2028).$ Stable firms in this industry have capital expenditures which are $20\%$ of earnings, and maintain working capital at $30\%$ of revenues.

c$.$ Estimate the value per share today, based on the FCFE model, assuming $1$ million shares outstanding.