IBM is in negotiations to buy BMI. Given the information below, estimate the enterprise value, equity value and price per share of BMI (as of the end of 2020).

Shares outstanding: 50 million

Excess cash:$102million

Debt:$3 million

Projected FCF in 2021: $49million

Projected FCF in 2022: $53million

Perpetual rowth rate of FCF beyond 2022: 5%

Discount rate:

The enterprise value in 2020 is

$nothing

million. (Round to the nearest integer.)

The equity value is

$nothing

million. (Round to the nearest integer.)

The value of BMI per share is

$nothing.

(Round to the nearest cent.)