General industries expected current share price

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Year 1 2 3 4 5

Free Cash Flow $22 million $26 million $28 million $31 million $33 million

XYZ Industries is expected to generate the above free cash flows over the next five years, after which free cash flows are expected to grow at a rate of 3% per year. If the weighted average cost of capital is 7% and XYZ has cash of $16 million, debt of $34 million, and 64 million shares outstanding, what is General Industries' expected current share price?

Round your answer to the nearest one-hundredth of a million. Do not include the dollar sign ($).

Reference no: EM133060645

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