Futura Automotive, Inc. is a 100% oquity financed automotive company developing a luxury all-electric automobile expected to be released in 2018. Futura currently has 10,000,000 shares of stock outstanding. The company expects sales to increase drastically from 2018 to 2021, at which point sales growth and profit margins are expected to stabilize. Futura has been debating whether to offer shares to the public in an Initial Public Offering (IPO). You have been hired to estimate the price at which shares should be offered to the public. The company has given you the following information to assist you in your valuation. Due to the riskiness of Futura's business, management has decided that a 20% nominal discount rate is appropriate. In 2021, when business stabilizes, Futura expects to generate revenue of $100 million in 2021 dollars) and have a profit margin of 10.5%. Nominal free cash flows (in thousands of dollars) from 2016 through 2020 are outlined in the table below. 2016 2017 2018 2019 2020 FCF -1,000 1,500 -500 1,500 5,000 For the purposes of valuing the company, Futura managers believe that the firm should be valued using the DCF approach combined with the exit multiple. They believe that Ferrari's forward P/E ratio of 20 should be applied to Futura's 2021 camings* in order to estimate the terminal value of the firm. It is January 1, 2016. Assume all cash flows occur at the end of the year. At what price per share would you recommend that Futura Automotive, Inc. issue shares at IPO given that there are no warrants