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Portage Bay Enterprises has $2.5 million in excess cash, no debt, and is expected to have free cash flow of $10.5 million next year. Its

Portage Bay Enterprises has $2.5 million in excess cash, no debt, and is expected to have free cash flow of $10.5 million next year. Its FCF is then expected to grow at a rate of 4.5% per year forever. If Portage Bay's equity cost of capital is 8% and it has 9 million shares outstanding, what should be the price of Portage Bay stock

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