The financial statements of Lioi Steel Fabricators are shown below, both the actual results for 2010 and the projections for 2011. Free cash flow is expected to grow at a 6% rate after 2011. The weighted average cost of capital is 11%.a. If operating capital as of 12/31/2010 is $502.2 million, what is the free cash flow for 12/31/2011?b. What is the horizon value as of 12/31/2011?c. What is the value of operations as of 12/31/2010?d. What is the total value of the company as of 12/31/2010?e. What is the intrinsic price per share for 12/31/2010?v Income Statements for the Year Ending December 31 (Millions of Dollars Except for Per Share Data)Balance Sheets for December 31 (Millions of Dollars)

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Actual Projected 2010 2011 $ 500.0 S 530.0 Net sales Costs (except depreciation) Depreciation Total operating costs Earnings before interest and taxes Less interest 360.0 381.6 39.8 $ 421.4 $ 108.6 37.5 $ 397.5 S 102.5 13.9 16.0 $ 88.6 $ 92.6 Earnings before taxes Taxes (40%) Net income before preferred dividends 35.4 37.0 $ 55.6 $ 53.2 Preferred dividends 6.0 7.4 $ 47.2 $ 48.2 Net income available for common dividends Common dividends $ 29.7 $ 18.5 $ 40.8 Addition to retained earnings 6.4 Number of shares 10 10 Dividends per share 4.08 2.97