For Adobe Systems (ADBE), you only have FCF, no dividends.

CAPM Model: The stock beta is .97. Use beta to calculate the rate of return. Assume the risk free rate is 1% and the market risk premium (rm-rf) is 7%.

FCF Model: Calculate the TVM growth rate. You will not use this number. Instead, use a growth rate of 6%. Use a discount rate of 7%. Use the average of all FCFs as your FCF0. The debt for this company is $4,726M and the number of shares is 479.7M. Find the value of one share of stock.Their previous stock price is $455.53

Adobe	FCF
2015	1,409
2016	1,764
2017	2,324
2018	3,038
2019	3,229