Frank Martin Bread Company is projected to generate free cash flows of $90 million per year for the next two years, after which it is projected grow at a steady rate in perpetuity. The company's cost of capital is 11%. It has $250 million of debt and $12 million in cash. There are 30 million shares outstanding. Comparable companies trade at an average EV/FCFF multiple of 9. Using the exit multiple method for terminal value and DCF for the rest, what is your estimate of its share price?

		a) $16.1
		b) $17.6
		c) $19.1
		d) $20.1
		e) $21.1