It is December 2021. You work as a financial analyst for Merck & Co. and are tasked with the due diligence on the proposed acquisition of a biotech startup. You estimated the following cash flows for the startup:

Year	Expected free cash flow to the firm ($ million) (end of year)
2022	74.5
2023	111.75
2024	145.28
2025	174.33
2026	191.76

After 2026, cash flows are expected to grow by 3% per year. Based on the riskiness of your industry, you think that your weighted average cost of capital is 16%.

The biotech firm has 5 million shares and bonds worth $120 million outstanding.

What is the terminal value, i.e., the present value of all free cash flows from 2027 to infinity expressed in 2026-dollars (in $ million)?

What is the total value of the company (in $ million)?

What is the value per share of common stock (in $)?