Ladwig Incorporated is considering whether to acquire Shocker Enterprises (SE). Estimate the per-share value of SE using a discounted FCF approach and the following data:

Debt: $75 million

Excess cash: $10 million

Shares outstanding: 40 million

Expected FCF: $20 million in each of the next five years, growing after that by 4 percent per year for the foreseeable future

Weighted average cost of capital: 15 percent