. HCB, Inc. just had free cash flows of $4.00 million (FCF0). Free cash flows are expected to grow at a rate of 6.0% forever. It also has the following financial information:

Market value of HCB Debt = $30.00 million

Short-term investments = $15.00 million

Book value of equity = $60.00 million

Total Assets = $80.00 million

Shares outstanding = 1.50 million

Required return on stock = 11.0%

WACC = 9.0%

Calculate HCB's intrinsic value per share.

a. $66.54

b. $69.06

c. $78.33

d. $80.85

e. $84.22