You must estimate the intrinsic value of Noe Technologies' stock. The end-of-year free cash flow (FCF₁) is expected to be $27.50 million, and it is expected to grow at a constant rate of 7.0% a year thereafter. The company's WACC is 9.0%, it has $125.0 million of long-term debt plus preferred stock outstanding, and there are 10.0 million shares of common stock outstanding. Assume the firm has zero non-operating assets. What is the firm's estimated intrinsic value per share of common stock? Do not round intermediate calculations.

a. $150.00

b. $125.00

c. $134.63

d. $137.38

e. $137.50