TTC recently introduced a new line of products that has been wildly successful. On the basis of this success and anticipated future success, the following free cash flows were projected: After the 10th year, TTC's financial planners anticipate that its free cash flow will grow at a constant rate of 6%. Also, the firm concluded that the new product caused the WACC to fall to 9%. The market value of TTC's debt is $1, 200 million, it uses no preferred stock, and there are 20 million shares of common stock outstanding. Use the corporate valuation model approach to value the stock. INPUT DATA: (Dollars in Millions) WACC 9% g_a 6% Millions of shares 20 MV of debt $1, 200 PV of FCF_1-10 = HV at Year 10 of FCF after Year 10 = FCF_11/(WACC - g_a): PV of HV at Year 0 = HV/(1+WACC)^10: Sum = Value of the Total Corporation Less: MV of Debt and Preferred Value of Common Equity Number of Shares (in Millions) to Divide By: Value per Share = Value of Common Equity/No. Shares