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: $119 million

Debt: $30 million

Projected FCF in 2021: $45 million

Projected FCF in 2022: $57 million

Perpetual growth rate of FCF beyond 2022: 5%

Discount rate: 9.4%

The enterprise value in 2020 is ___million.

The equity value is ____m

The value of BMI per share is _______