This year (2009), free cash flow is expected to reach $325 million. In 2010, it is expected to reach $350 million, 2011, $400 million, 2012, $425 million, and 2013, $450 million. The analyst has projected an intrinsic value for this stock of $65.00. Stock Information: 52-week range: Hi 75 Lo 35, Current stock price: 50, Dividend Yield: 2.75%, Dividend per share: 1.375, P/E ratio: 20, Earnings per share: $2.50, Shares outstanding: 100 million, Market capitalization: $5 billion, Cost of capital: 9%, Growth rate of free-cash-flows beyond 2013: 3%. What is the efficient market hypothesis, and what is its relationship to stock valuation? What is the free-cash-flow approach to valuing stocks? Using the free-cash-flow approach, how did the analyst arrive at an intrinsic stock value of $65 for the company