HM Corp. has $60 million of debt and 4 million shares of common stock outstanding. The firm has $40 million of excess cash. An analyst has forecasted the following future Free Cash Flows (FFs) for the firm: $13 million, 14 million, 15 million, and 16 million for years 1 (t=1), 2, 3, and 4, respectively. The firm and the FCFs will then grow at a constant 5% annual rate forever after year 4. HHM has a weighted average cost of capital (WACC) of 10%. Estimate the value (per share) of HHM stock/equity?

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