Year

Free Cash Flow $12 million $18 million $22 million $26 million

Conundrum Mining is expected to generate the above free cash flows over the next four years, after which they are expected to grow at a rate of

4%

per year. If the weighted average cost of capital is

13%

and Conundrum has cash of

$90

million, debt of

$65

million, and 30 million shares outstanding, what is Conundrum's expected current share price?