Holt Enterprises recently paid a dividend, D₀, of $3.50. It expects to have nonconstant growth of 12% for 2 years followed by a constant rate of 9% thereafter. The firm's required return is 13%.

1. How far away is the horizon date?
   1. The terminal, or horizon, date is Year 0 since the value of a common stock is the present value of all future expected dividends at time zero.
   2. The terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at time zero.
   3. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the beginning of Year 2.
   4. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year 2.
   5. The terminal, or horizon, date is infinity since common stocks do not have a maturity date.
   The answer is IV.
2. What is the firm's horizon, or continuing, value? Round your answer to two decimal places. Do not round your intermediate calculations. $
3. What is the firm's intrinsic value today, P₀? Round your answer to two decimal places. Do not round your intermediate calculations. $

Scampini Technologies is expected to generate $200 million in free cash flow next year, and FCF is expected to grow at a constant rate of 4% per year indefinitely. Scampini has no debt or preferred stock, and its WACC is 13%. If Scampini has 45 million shares of stock outstanding, what is the stock's value per share? Round your answer to two decimal places.

Each share of common stock is worth $_____ according to the corporate valuation model.