The Freihoff Companys balance sheet shows the following liabilities and net worth:

10,000 bonds (issued at par value of $1,000 each, 6% semi-annual coupon, 10 years maturity remaining, and a current market price of $950)

1,000,000 shares of common stock outstanding, issued at $10 each;

This past years free cash flow (FCF0) was $1,000,000. For the next 2 years, free cash flows (FCF1, FCF2) are expected to grow by 20% per year, after which FCFs will increase at a constant rate of 5% per year. The companys WACC is estimated to be 9%.

Finally, Freihoff has $1,000,000 invested in marketable securities. This investment is set aside for possible future acquisitions and is therefore not part of the companys day-to-day operations.

Based on the above information, what is the intrinsic value of Freihoffs stock?