You must estimate the intrinsic value of Noe Technologies stock. The end-of-year free cash flow (FCF₁) is expected to be $24.50 million, and it is expected to grow at a constant rate of 7.0% a year thereafter. The companys WACC is 10.0%, it has $125.0 million of long-term debt plus preferred stock outstanding, and there are 15.0 million shares of common stock outstanding. What is the firm's estimated intrinsic value per share of common stock?

	a.	$46.11
	b.	$47.96
	c.	$38.27
	d.	$40.12
	e.	$34.58