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IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part of your business development strategy, in late 2013 you

IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part of your business development strategy, in late 2013 you initiate discussions with IDX's founder about the possibility of acquiring the business at the end of 2013. Estimate the value of IDX per share using a discounted FCF approach and the following data:

Debt: $28 million

Excess cash: $116 million

Shares outstanding: 50 million

Expected FCF in 2014: $40 million

Expected FCF in 2015: $60 million

Future FCF growth rate beyond 2015: 6%

Weighted-average cost of capital: 9.4%

The enterprise value in 2013 is $____ million?

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