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)	53.9	67.7	76.1	73.9	82.9

Thereafter, the free cash flows are expected to grow at the industry average of3.7 %

per year. Using the discounted free cash flow model and a weighted average cost of capital of

13.2 %

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.