You have the following data and information on PROGRP, a company producing computer systems for use in corporate treasuries:

Forecast	2022	2023	2024	2025	2026
EBIT ($m)	3330	3580	3848	4137	4447
Interest Expenses ($m)	-13	-14	-15	-16	-17
Earning Before Tax ($m)	3317	3566	3833	4121	4430
Taxes ($m)	-995	-1070	-1150	-1236	-1329
Depreciation Expenses ($m)	-1084	-1350	-1556	-1762	-1894
Net CAPEX ($m)	-1980	-3590	-8860	-2710	-1960
Net Changes in NWC ($m)	1160	1644	-1450	932	1002

Cash flow assumptions and other information:

Beyond 2026, competition will have eroded margins and the industry sector will be entering the maturity phase of the industry life cycle. Growth in free cash flow is expected to continue, perpetually, at the expected average rate of growth for the economy of four per cent per annum. PROGRPs sales for 2021 were $8,990 million. For 2022, sales of $10,310 million are forecasted. Earnings for 2021 were $2,404 million, with earnings of $2,530 expected for PROGRP in 2022. The book value of equity was $5,048 million as of the end of 2021, with $670 million PROGRP shares outstanding. PROGRPs interest-bearing debt stood at $425 million at the end of 2021. Corporate taxes are applied at a rate of 30 percent. Currently, the market price per share is $36.1. The after-tax cost of capital (WACC) for PROGRP is 8.65 percent. Comparative industry average pricing ratios are P/S of 2.7, P/E of 13.1 and P/BV of 4.4.

a. Develop three market-based relative valuations of the per share value of PROGRP.

b. Estimate the Free Cash Flow to the Firm for PROGRP and develop an estimate of the per share value of PROGRP based on free cash flow.

c. Based on your valuations in a. and b., do you believe PROGRP to currently be fairly valued on a per share basis? Briefly justify your decision.