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)

54.8, 67.3 ,77.3 ,73.5 ,82.5

Thereafter, the free cash flows are expected to grow at the industry average of 3.7 % per year. Using the discounted free cash flow model and a weighted average cost of capital of 14.7 %:

a. Estimate the enterprise value of Heavy Metal.

b.If Heavy Metal has no excess cash, debt of $ 301 million, and 35 million shares outstanding, estimate its share price.