RMA is a public firm with 11.5 million shares outstanding. You are doing a valuation analysis of RMA. You estimate its free cash flow in the coming year to be $15.46 million, and you expect the firm's free cash flows to grow by 7.1% per year in subsequent years. Because the firm has only been listed on the stock exchange for a short time, you do not have an accurate assessment of RMA's equity beta. However, you do have beta data for LAU, a comparable firm in the same industry:

Equity Beta Debt Beta Debt-Equity Ratio

LAU 2.05 0.33 1.1

RMA has a much lower debt-equity ratio of 0.33, which is expected to remain stable, and its debt is risk free. RMA's corporate tax rate is 32%, the risk-free rate is 5.2%, and the expected return on the market portfolio is 11.5%.

a. Estimate RMA's cost of equity.

b. Find WACC

c. Find value of RMA using WACC method

d. Estimate RMA's share price