IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part of your business developmentstrategy, in late 2013 you initiate discussions withIDX'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 followingdata:

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Debt: $ 26 million

Excesscash: $ 116 million

Sharesoutstanding: 50 million

Expected FCF in2014: $ 46 million

Expected FCF in2015: $ 59 million

Future FCF growth rate beyond2015: 5%

Weighted-average cost ofcapital: 9.4 %