XYZ Inc. has prepared the following projections:

Financial Data	Unit	2023	2024	2025	2026	2027
Operating Cash Flow	C$ MM	500	550	578	606	637
Capex	C$ MM	-100	-110	-116	-121	-127
Change in Net Working Capital	C$ MM	-50	-55	-58	-61	-64

Question:

What is XYZ Inc. expected share price? Consider the following assumptions:

• The required rate of return is 12%, and the TV growth rate is 2%
• The company current outstanding long term debt is $1,500 MM
• The expected Average Diluted Shares O/S is 150 MM

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