You must estimate the intrinsic value of Noe Technologies' stock. The end-of-year free cash flow (FCF1) is expected to be $16.00 million, and it is expected to grow at a constant rate of 7.0% a year thereafter. The company's WACC is 12.0%, it has $125.0 million of long-term debt plus preferred stock outstanding, and there are 19.0 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. $16.84 b. $11.44 c. $23.42 d. $12.28 e. $10.26