Heavy Metal Corporation is expected to generate the following free cash flows over the next five years: Thereafter, the free cash flows are expected to grow at the industry average of 3.4% per year. Using the discounted free cash flow model and a weighted average cost of capital of 14.5%:

a. Estimate the enterprise value of Heavy Metal.

b. If Heavy Metal has no excess cash, debt of $284 million, and 39 million shares outstanding, estimate its share price.

Year 1 2 3 4 5 FCF ($ million) 51.3 67.1 79.3 76.8 80.1