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