It is January 1, 2017 and you are tasked with building a stand-alone DCF valuation for Guud, an organic food producer, using the unlevered two-stage approach. Based on cash flow forecasts, you have calculated an enterprise value of $4,200 million and diluted shares outstanding of 500 million as of the valuation date (January 1, 2017). You have also collected the following forecasts:

End of period balances for the year ending

$ in millions	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023
Cash and equivalents	86.0	94.6	104.1	114.5	125.9	138.5	152.4	167.6
Current portion of long term debt	7.0	7.7	8.5	9.3	10.2	11.3	12.4	13.6
Long term debt	94.0	103.4	113.7	125.1	137.6	151.4	166.5	183.2

In addition, you calculate the following:

WACC	10.0%
Perpetuity growth rate (annual growth rate of unlevered free cash flows after 2023)	3.0%

Question: Calculate the equity value per share on January 1, 2017 assuming all cash flows occur at year end. Use whole numbers (i.e. 1 year exactly equals 1 period when calculating returns and discounting).

A) 8.03

B) 8.34

C) 8.37

D) 8.38

E) 8.43