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)

53.6 68.4 76.8 75.7 82.8

After that, the free cash flows are expected to grow at the industry average of 4.2% per year. Using the discounted free cash flow model and a weighted average cost of capital of 13.8 %:

a. Estimate the enterprise value of Heavy Metal.

b. If Heavy Metal has no excess cash, debt of $313 million, and 36 million shares outstanding, estimate its share price.