Dozier Corporation is a fast-growing supplier of office products. Analysts project the following free cash flows (FCFs) during the next 4 years, after which FCF is expected to grow at a constant 8% rate. Doziers weighted average cost of capital is WACC = 17%.

Year

	1	2	3	4
Free cash flow ($ millions)	-$400	$500	$700	$900

Suppose Dozier has $500 million in marketable securities, $1,500 million in debt, and 80 million shares of stock. The horizon value is $10,800 millions. What is the intrinsic price per share?

$71.30

$43.79

$60

$52.78