Spectra Limited has never paid a dividend. You decide to use the companys free cash flow to estimate the value of a share of Spectra's common stock. The company provides financial statements for the company's competitive period of the next two years, and you find the expected free cash flow to be $8 million in Year one and $12 million in Year two. You also expect the free cash flow will remain constant at $15 million per year for Year three and beyond. The companys weighted average cost of capital is 14% (just take it as the discount rate without the need to go through details about its exact meaning at this moment) and its standard deviation of returns is 21%. The market value of Spectra Limiteds debt is $17 million and there are 10 million shares of common stock outstanding. Estimate the value of a share of Spectras common stock.

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