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Lockean Co. has the following projected sales, costs, net investment, and free cash flow in millions. The anticipated growth rate in free cash flows after year 6 is 3% per year forever. There are 10 million shares outstanding and investors require a return of 7% on the company's stock. Suppose instead that you estimate the terminal value using a PE multiple of 18, calculate the price of the company's stock. (Round to 2 decimals)
($ in millions)
1
2
3
4
5
6
Sales
220
242
266
292
321
353
Costs
143
157
172
190
209
229
Taxes
28
31
34
38
41
45
OCF (net income)
49
54
60
64
71
79
Net Investment
20
22
24
26
29
FCF
32
36
42
50
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