Suppose it is the end of year 2020 (t=0). Online Retail (OR) is a privately held company and you, the founder, own all equity of the firm. You are contemplating selling your shares and would like to estimate the value of the firm's stock.

In 2020, OR had sales of $300 million. The company plans to spend $20 million at t=1 on capital expenditures for upgrades to its distribution center. These expenditures will be depreciated linearly over 3 years (to a value of zero). With those expenditures, the firm expects sales growth of 12% per year until t=5, at which point you expect the firm to mature and growth to slow.

OR's operating costs (cost of goods sold and SG&A costs) are 75% of sales and its working capital (mainly inventory) is 20% of operating costs. These ratios apply to 2020 and beyond.

OR's corporate tax rate over is expected to be 28%. OR has 20 million shares outstanding. You estimate that OR's unlevered cost of capital is 12%. OR has no debt or cash. OR's free cash flow for 2020 has already been distributed to investors.

(a) Estimate OR's free cash flows from t=1 (end of 2021) to t=5 (end of 2025)