f$.$ The second acquistion target is a privately held company i a growing industry. The target has recently borrowed $40$ million to finance its expansion; it has no other debt or preferred stock. It pays no dividends and currenlty has no marketable securities$.$ KFS expects the company to produce free cash flows of $-5$million in $1$ year, $10$ million in $2$ years, and $20$ million in $3$ years. After $3$ years, free cash flow will grow at a rate of $6\%.$ The target's WACC is $10\%$ and it currenlty has $10$ million shares of stock outstanding. $1.$ What is the company's horizon value $($i$.$e$.,$ it's value of operations at Year $3)?$ What is its current value of operations $($i$.$e$.,$ at Time $0)?2.$ What is its intrinsic value of equity on a price per share basis?