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Firm GoArt has distributed a free cash flow of $10 million last year and that cash flow is expected to grow at 20% for the

Firm GoArt has distributed a free cash flow of $10 million last year and that cash flow is expected to grow at 20% for the next year and 15% for the following year, after which it will settle to a long term growth rate of 10%. The firm has $50 million in total liabilities and 10 million shares of common stock outstanding. How much is the intrinsic value of a share of its stock given a WACC of 15%?

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