You are trying to value a private business in preparation for its IPO and are conducting a DCF analysis. In year 1 of your forecast, you expect the business to generate an unlevered free cash flow of $348,705. You expect it to grow at 4.4% each year for 19 years. At the end of 19 years, you assume that the business will grow in line with the long-term industry average growth rate of 0.6%. The business has debt outstanding of $2,371,345. The WACC for the business is 9.7%. What is the fair value share price if the business is prepared to issue 126,972 shares?

Excel or written