The following are projected free cash flows to equity for a company that is

expected to be in high growth for the next $3$ years. The firm's beta is also expected

to change over the $3-$year period:

Assume that after year $3,$ the beta will stay at $1\mathrm{.}00,$ and that the growth rate will

remain $6\%$ forever $($the Beta will stay at $1$ forever as well$).$ The risk$-$free rate is $5\%,$

and you can assume a risk premium of $5\mathrm{.}5\%.$

Estimate the value per share today. $($Hint: You have multiple Betas, so you will have

to compute a Required Return on Equity for each year. In addition, with a different

Required Return, you will have to discount each cashflow by the appropriate

Required Return for each year!$)$