Heavy Metal Corporation is expected to generate the following free cash flows over the next five years: Thereafter, the free cash flows are expected to grow at the industry average of 3.8% per year. Using the discounted free cash flow model and a weighted average cost of capital of 14.7%:

a. Estimate the enterprise value of Heavy Metal.

b. If Heavy Metal has no excess cash, debt of $298 million, and 3 million shares outstanding, estimate its share price.

Year 1 2 3 4 5 FCF ($ million) 53.6 69.8 77.7 74.4 80.9