Heavy Metal Corporation is expected to generate the following free cash flows over the next three years:

Year 1: 23mil 2: 43mil 3: 51 FCF ($ million)

Thereafter, the free cash flows are expected to grow at the industry average of 3.9% per year. Using the discounted free cash flow model and a weighted average cost of capital of 13.5%:

a.Estimate the enterprise value of Heavy Metal.

b.If Heavy Metal has no excess cash, debt of $312 million, and 37 million shares outstanding, estimate its share price.