The financial statements of CHILECTRA Inc. are shown below, with the actual results for 2019 and the projections for 2020. The free cash flow (FCF) for 12/31/2020 is projected to be 35M and is expected to grow at a 6% rate after 2020. If the WACC is 11% what is the intrinsic price per share for 12/31/2019?

Income Statements for the Year Ending December 31 Actual Projected (Millions of Dollars Except for Per Share Data) 2019 2020 Sales $500.0 $530.0 $360.0 $381.6 Costs except depreciation Depreciation Total operating costs $37.5 $39.8 $397.5 $421.4 EBIT $102.5 $108.6 Less Interest $13.9 $16.0 $88.6 $92.6 Earnings before taxes (EBT) Taxes (40%) Net income before preferred dividends $35,4 $37.0 $53.2 $55.6 Preferred dividends $6.0 $7.4 Net income available for common dividends $47.2 $48.2 Common dividends $40.8 $29.7 Addition to retained earnings $6.4 $18.5 Number of shares 10 10 Dividends per share $4.08 $2.97 Balance Sheets for December 31 Actual Projected (Millions of Dollars) 2019 2020 Assets Cash $5.3 $5.6 Marketable securities $49.9 $51.9 Accounts receivable $53.0 $56.2 Inventories $106.0 $112.4 Total current assets $214.2 $226.1 Net plant and equipment $375.0 $397.5 Total assets $589.2 $623.6 Liabilities and equity $9.6 $11.2 Accounts payable Notes payable $69.9 $74.1 Accruals $27.5 $28.1 Total current liabilities $107.0 $113.4 $140.8 $148.2 Long-term bonds $35.0 $37.1 Preferred stock $160.0 $160.0 Common stock $146.4 $164.9 Retained earnings $306.4 $324.9 Total common equity $589.2 $623.6 Total liabilities and equity