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Ryan Enterprises forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 14.0%, and the FCFs are expected to

Ryan Enterprises forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 14.0%, and the FCFs are expected to continue growing at a 6.0% rate after Year 3. The company has $200 million of long-term debt and preferred stock, and it has 15 million shares of common stock outstanding. What is the firm's estimated intrinsic value per share of common stock?

Year

1

2

3

FCF

-$15.0

$10.0

$45.0

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