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Year 1 Free cash flow: 40 million Year 2 Free cash flow 90 m Year 3 Free cash flow 100 m After year 3, expected

Year 1 Free cash flow: 40 million

Year 2 Free cash flow 90 m

Year 3 Free cash flow 100 m

After year 3, expected FCF growth is expected to be 4%

The cost of capital is 9%

Short term investments = 50 million

Debt is currently 25 million

Preferred stock = 5 million

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