Given the forecast below, estimate the fair market value of Kenmore Air's equity per share at the end of 2017 under the following assumptions:

• EBIT in year 2021 will be $210 million.
• At year-end 2021, Kenmore Air has reached maturity, and analysts expect its equity will sell for 15 times year 2021 net income.
• At year-end 2021, Kenmore Air has $300 million book value of interest-bearing liabilities outstanding at an average interest rate of 10%.
• Kenmore Air's weighted-average cost of capital is 11%, and its tax rate is 40%.
• Kenmore Air has 50 million shares outstanding, and the market value of its interest-bearing liabilities on the valuation date equals $300 million.

Forecast for Kenmore Air, Incorporated
Year	2018	2019	2020	2021
Free cash flow ($ millions)	40	85	97	112