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)	52.4	66.6	78.7	74.1	82.4

Thereafter, the free cash flows are expected to grow at the industry average of

4.5%

per year. Using the discounted free cash flow model and a weighted average cost of capital of

13.6%:

a. Estimate the enterprise value of Heavy Metal.

b. If Heavy Metal has no excess cash, debt of

$319

million, and

37

million shares outstanding, estimate its share price.