Simpkins management is considering three mutually exclusive projects that will likely impact future FCF as shown in the table below. No new debt is raised to fund these activities.

A B C

ii$)$

$20212022202320242025$

$-2$ mil n$/$a $0\mathrm{.}5$ mil $1\mathrm{.}0$ mil $2\mathrm{.}0$ mil $-1$ mil constant $0\mathrm{.}3$mil pa into perpetuity

$-2$ mil n$/$a n$/$a $0\mathrm{.}3$mil pa in $2024,$ and

then growing at $5\%$ pa into perpetuity

Assuming the cost of capital is still $10\%,$ how will each project impact stock valuation? State the resulting stock price in each scenario. Ultimately which project $($if any$)$ should

the company pursue?