Houda Motors has just announced results that show that the FCF for the past year is $23 mil- lion. An experienced analyst believes that the growth rate of the FCF for the next 10 years will be 25% per year and that after 10 years the growth rate will be 7% annually. Houdas WACC is 18%, and the company has 100 million shares outstanding. Value the shares assuming that the FCFs occur at year end. Houda has no debt and no excess cash reserves.

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