Year1234

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

3%

per year. If the weighted average cost of capital is

12%

and Conundrum has cash of

$90

million, debt of

$65

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