It is December 2023. 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)
2024	89.5
2025	134.25
2026	174.53
2027	209.43
2028	230.37

After 2028, cash flows are expected to grow by 4% per year. Based on the riskiness of your industry, you think that your weighted average cost of capital is 12%.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 2029 to infinity expressed in 2028-dollars (in $ million)?

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

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