Sainte$-$Clotilde Jouet SA is a publicly traded company and you have been provided the following information on its expected revenues and after$-$tax operating income $($in $$ millions$),$ each year for the next $5$ years: $($see table i the bottom$)$

The company currently has $150$ million shares trading at $10/$share $($book value of equity$=500$ million$).$ The company also had $400$ million in debt outstanding $($book and market value$)$ and $300$ million in cash. The cost of capital for the firm is expected to be $12\%$ for the next $5$ years and drop to $8\%$ thereafter.

a$.$ Assuming that the firm$$s return on invested capital stays at its current level for the next $5$ years, estimate the free cash flow to the firm each year for the next five years.

b$.$ After year $5,$ you expect the firm$$s return on invested capital to halve $($from current levels$)$ and the expected growth rate to drop to $2\%$ a year in perpetuity. Estimate the terminal value at the end of year $5.$

c$.$ Estimate the value of equity per share today