Suppose you're an independent investor and you are contemplating whether to bring in a small fintech stock ABC to your personal portfolio. You'd prefer to do your own research and build a pro forma valuation model from scratch. After intensively reviewing ABC's financial statements (which probably takes a toll on your mental stability), you have obtained some useful information and decide to value the firm using a DCF model with FCFs. The assumption is that the firm will have a short-term growth of 6% for 5 years and a long-term growth of 3% thereafter. The FCF as of last year is $6 million. By convention, you choose mid-year discounting instead of end-year discounting. The cost of equity is estimated using comparable firms at 9% and the cost of debt is about 4%. The firm has a capital structure of 40% debt and 60% equity. The tax rate in the past several years has an average of 28%. a) Given the FCFs and the DCF model, what is the enterprise value of the firm? (Round to the nearest dollar amount) s b) As of last year, the firm has a net debt of $8.5 million and excess assets valued at $2 million. What is the firm's estimated equity value? (Round to the nearest dollar amount) \$ c) The number of shares outstanding is 5 million. What is the per-share value? (Keep 2 decimal places) \$ d) Suppose ABC's stock is currently trading at $36 per share, will you, based on your analysis, include (take a long position of) this stock in your portfolio? (Enter "Yes" or "No")