On January 1, 2016, shares of Company X trade at $6.50 per share, with 400 million shares outstanding. The company has net debt of $300 million. After building an earnings model for Company X, you have projected free cash flow for each year as follows: Year FCF 2016 110 2017 2018 2019 10% 3% 2020 2021 2022 Weighted average cost of capital Long-term FCF growth rate On January 1, 2016, shares of Company X trade at $6.50 per share, with 400 million shares outstanding. The company has net debt of $300 million. After building an earnings model for Company X, you have projected free cash flow for each year as follows: Year FCF 2016 110 2017 2018 2019 10% 3% 2020 2021 2022 Weighted average cost of capital Long-term FCF growth rate