On May 11, 2018, Yen Dollar, a portfolio manager at NewPoint, a mutual fund management firm, pored over analysts write-ups of International Traders Corp.

International Traders is an expanding conglomerate, is a manufacturing company whose product lines consist of lighting fixtures, videodiscs, electronic timing devices, travel agencies, and self-storage space. Dollar was considering buying some shares for the fund she managed, the NewPoint Large-Cap Fund with an emphasis on value investing.

International Traders Corp's analyst has projected the following cash flows and growth rates for the next four years (in millions of dollars):

Pro Forma Income Statement	2019	2020	2021	2022	2022
Growth Rate	0.2	0.2	0.15	0.1	0.05
Net sales	$550.0	$660.0	$759.0	$835.0	$877.0
Cost of goods sold (70%)	($385.0)	($462.0)	($531.0)	($584.0)	($614.0)
Selling/administrative expense (20%)	($110.0)	($132.0)	($151.8)	($167.0)	($175.4)
Depreciation (8%)	($44.0)	($52.8)	($60.7)	($66.8)	($70.2)
EBIT	$11.0	$13.2	$15.2	$16.7	$17.5
Interest	($5.0)	($6.0)	($8.0)	($10.0)	($10.0)
EBT	$6.0	$7.2	$7.2	$6.7	$7.5
Taxes (30%)	($1.8)	($2.2)	($2.2)	($2.0)	($2.3)
Net income	$4.2	$5.0	$5.0	$4.7	$5.3

All cash flows above are assumed to occur at end-of-year, and it is expected to grow at rate of 5% after 2022. International Traders currently has a market value capital structure of 20 percent debt with interest rate 10% and a beta of 2. Depreciation schedule is 8 percent of net sales and the funds to replace worn-out equipment is 6 percent of net sales. The company has 5 million shares, $50 million debt and $ 30 million in cash. The risk-free rate is 3 percent and the market risk premium is 6 percent.

Answer the following questions:

1. What is the value and price per share based on WACC model?
2. What is the value and price per share based on free cash flow to equity (FCFE)?
3. What is the value and price per share based on adjusted present value (APV) to shareholders?