Twitter's free cash flow in 2019 FCF₀ = $762 billion. Analysts expect the company's free cash flow to grow by 12% this year, by 8% in Year 2, and at a constant rate of 4% thereafter. Their WACC is 7.25%. Twitter has $4.8 billion in non-operating assets, $2.5 billion in long-term debt and 773 billion shares outstanding.

a. What is the best estimate of the stock's current intrinsic price per share?

b. Twitter is currently trading for $27.84 per share on the NYSE. Are they over- or under-valued in the market?