The free cash flow will grow at 3 per cent after 2026. The company requires at least a 9 per cent return for the investment. You are required to provide information to management on the following:

1. The firm's enterprise value at the end of 2022.                            
2. The value of the equity at the end of 2022.                                  
3. The fundamental value of a share.                                               
4. An appropriate investment decision is if the market price per share is $2.23.

Zoneamo Ltd has an outstanding number of shares and net debt by the end of 2022, 8,500 and 2,970, respectively. The company forecasts its next four years' cash flows (in millions) as follows: Cash flow from Operation Cash investment 2023 7,435 4,530 2024 8,126 4,934 2025 8,887 6,398 2026 9,356 6,945