Heavy Metal Corporation is expected to generate the following free cash flows over the next five years: Year: 1, 2, 3, 4, 5

FCF (millions) : 52.5 , 69.1, 78.7, 73.2, 81.6

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 13.7 %

a.Estimate the enterprise value of Heavy Metal.

b.If Heavy Metal has no excess cash, debt of $ 290 million, and 38 million shares outstanding, estimate its share price.

(Please show breakdown)