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Question: Portage Bay Enterprises has $ 3 million in excess? cash, no? debt, and is expected to have free cash flow of $ 13 million next year. Its FCF is then expected to grow at a rate of 2 % per year forever. If Portage? Bay's equity cost of capital is 9 % and it has 55 million shares? outstanding, what should be the price of Portage Bay stock?

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