Its December 2018 and Han Solo Enterprises is considering an acquisition of Princess Leia Inc., a media and entertainment company headquartered in Orlando, Florida. As part of the process of evaluating the acquisition, your boss at Han Solo Enterprises, Lando Calrissian, has asked you to perform a valuation of Princess Leia Inc. You have collected the following abbreviated financial statements data to help you with your analysis. All dollar amounts are in millions. General and administrative expenses include $35.50 million and $22.50 million in stock-based compensation for 2018 and 2017, respectively. Princess Leias free cash flows are expected to grow at the rate of 30% per year from 2018 to 2021, but the growth rate is expected to decline steadily each year after that to a stable growth rate of 4% per year by 2036. The companys cost of capital is 18% and its combined marginal tax rate is 25%. Since Princess Leia Inc. is a private company, you understand that an illiquidity discount is necessary and have estimated that a discount of 25% is appropriate. What is the maximum price per share Han Solo Enterprises should be willing to pay for Princess Leia Inc. if the company has 500 million shares outstanding? Assume that the long-term debt has a market value of $235 million on December 31, 2018. You may complete this question in Excel and copy-paste your answer in the answer space provided below.

[25 points]

	2018	2017
Income statement excerpts:
Net sales	9,996	7,816
Cost of sales	6,924	5,463
Gross profit	3,072	2,353
Operating expenses:
Distribution and marketing	911	873
Technology and content	302	218
General and administrative	134	115
Other operating expense (income), net	41	10
Total operating expenses	1,388	1,216
Income from operations	1,684	1,137
Balance sheet excerpts:
Current assets:
Cash and cash equivalents	1,404	1,130
Marketable securities	673	569
Inventories	886	571
Accounts receivable (net) and others	403	338
Deferred taxes	111	83
Total current assets	3,477	2,691
Fixed assets, net	629	431
Deferred taxes	57	59
Intangible assets	601	334
Total assets	4,764	3,515
Current liabilities:
Accounts payable	1,799	1,466
Notes payable	49	41
Accrued expenses and others	718	470
Total current liabilities	2,566	1,977
Long-term debt	212	165
Post-employment obligations	346	200
Deferred revenue	102	83
Stockholders equity	1,538	1,090
Total liabilities and stockholders equity	4,764	3,515