You Must Estimate the Intrinsic Value of Noe Technologies' Stock

You must estimate the intrinsic value of Noe Technologies' stock.The end-of-year free cash flow (FCF₁) is expected to be $23.50 million,and it is expected to grow at a constant rate of 7.0% a year thereafter.The company's 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.Assume the firm has zero non-operating assets.What is the firm's estimated intrinsic value per share of common stock? Do not round intermediate calculations.

A) $33.79
B) $43.89
C) $44.77
D) $52.67
E) $44.33