You expect Novartis Corporation to generate the following free cash flows over the next four years:

Year	1	2	3	4
FCFF ($ million)	25	28	32	37

Following year four, you estimate that Novartis free cash flows will grow at 4% per year and that Novartis weighted average cost of capital is 12%.

Assume Novartis has $120 million of debt and 15 million shares of stock outstanding, calculate the share price for Novartis.

a.

$18.44

b.

$26.44

c.

$34.44

d.

$17.65

e.

None of the above