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Ans:
Terminal Value in year 2021 (TV) = FCFF / (r - g) = 5,766 / (7% - 2%) = $115,320
Value today (EV) = FCFF1 / (1 + r) + FCFF2 / (1 + r)^2 + FCFF3 / (1 + r)^3 + (FCFF + TV) / (1 + r)^4
= 4,884 / 1.07 + 5,128 / 1.07^2 + 5,384 / 1.07^3 + (5,653 + 115,320) / 1.07^4
= $4564.48+4478.99+(4,395.10+(92,296.48)
=$ 105735.05
Price per share = (EV - NNO) / No. of shares = (105,735 - 12,000) / 3,000 = (93,735/3000)
= 31.24
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