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) 54.6 66.7 77.5 73.9 82.5

. 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 13.9%:

a. Estimate the enterprise value of Heavy Metal.

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b. If Heavy Metal has no excess cash, debt of $299 million, and 45 million shares outstanding, estimate its share price.

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