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)	53.9	66.8	79.7	74.9	80.9

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

3.5% 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 $314 million, and 44 million shares outstanding, estimate its share price.