• Operating cash flow for 2020 was R15 200 000
• The capital expenditure required to improve its refineries was estimated at R5 million per annum for the next three years, this is 2021 to 2023.
• The issued share capital was R12 million and the closing share price was R3,00 per share.
• The dividend paid for the financial year amounted to R1,75 cents per share.
• Cash flows are forecast to grow at 6% per annum for the next three years
• The Weighted Average Cost of Capital for the company is 12%

Required:-

Calculate the value of the organisation by using the Free Cash Flow Model for the next three years ( 2021 to 2023)