hey, it is kind a long question but,

In 2017, BMC Software generated $465M of operating income (earnings before interest and taxes) and

$295M of net income from $2,200M of sales. Over the next two years (2018 and 2019), the firm is

projecting 10% growth in operating income and 5% growth in depreciation expense. Beginning in 2020,

BMC estimates that free cash flows will grow 2%. Assume the firms effective tax rate is 30%, weighted

average cost of capital is 9%, and number of shares outstanding is 146M. Depreciation expense for 2017

was $105M while capital expenditures were $55M. Capital expenditures are expected to remain constant

over the next 5 years. BMC expects working capital needs to increase by $20M per year. Lastly, the firm

has $250M in cash and cash equilavents and $750M of interest bearing debt.

What is the present value of the terminal value today (2018)?

and

Using the DCF approach, which of the following is the best estimate of BMC Softwares equity per

share in 2018?