Heavy Metal Corporation is expected to generate the following free cash flows over the next five years:

Year	1	2	3	4	5
FCF ($ million)	51.5	66.3	78.3	76.4	82.3

Thereafter, the free cash flows are expected to grow at the industry average of 3.6 % per year. Using the discounted free cash flow model and a weighted average cost of capital of

14.4 %:

a.Estimate the enterprise value of Heavy Metal.

b.If Heavy Metal has no excess cash, debt of $291 million, and 40 million shares outstanding, estimate its share price