Kebla is evaluating the viability of going public but is unsure of a fair price for the company. The company would like to make its estimate of the companys ordinary shares and data has been collected to perform the valuation using the free cash flow valuation model. The companys weighted average cost of capital is 10% and it has R1 600 000 of debt at market value and R600 000 of preferred stock at its assumed market value. The estimated free cash flows over the next five years, 2021 through 2025, are given below. It is envisaged that the free cash flow will grow at 4% annually for the foreseeable future beyond 2025.

Year (t)	Free cash flow (FCF)
2021	230 000
2022	270 000
2023	300 000
2024	350 000
2025	400 000

Required:

4.1. Estimate the value of Keblas entire company using the free cash flow approach. [7]

4.2. Using your finding in (4.1) along with data provided above, determine Keblas ordinary share value. [3]

4.3. If the company plans to issue 300 000 ordinary shares, what is the estimated value per share? [3]