Rio Corp had sales last year of $150 million. Analysts expect sales will grow 20% in year 1 and 20% in year 2. The gross profit margin is 50%, and EBITDA is 30% of sales. Capex is projected to be $25 million in year 1 and $20 million in year 2. Depreciation expense is 75% of capex. Net Working Capital is 30% of sales. The WACC is 12%. The tax rate is 20%. Assume a constant 4% per year growth rate in FCFF after year 2. Excess cash is $250 million, and debt is $130 million. There are 9 million shares of stock outstanding.

What is your estimate of the value of Rio stock per share?