Suppose that the following Table reports three years forecasted cash flow data for TABREED Company. All values are in million Dirhams.

	2020	2021	2022
Projected Year	1	2	3
Cash from operations	2,800	3,450	4,500
Cash from investments	2,100	2,420	3,250

The company has a discount rate of 10% and its cash flows are expected to grow at a 5% constant growth rate after 2022. The balance sheet of TABREED currently reports a net debt balance of 8,600 million Dirhams and owns 2,500 million outstanding shares.

Required?

1. Determine the terminal value of the cash flows. (2 pt.)
2. Compute the enterprise value of the company using the discounted cash flow method. (3 pt.)
3. Calculate and discuss the intrinsic value of TABREED stock. (2 pt.)