Question

Year                    1                   2                       3              4              5

Free Cash Flow      $21 million     $25 million     $28 million     $32 million      $32 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 6% and XYZ has cash of $12 million, debt of $48 million, and 72 million shares outstanding, what is General Industries' expected current share price? Answer in millions and round to the nearest cent.