2. Bird Song Industries makes a bird seed that sets native song birds singing all day...

2. Bird Song Industries makes a bird seed that sets native song birds singing all day long. Its product has been discovered by the back-to-nature crowd around the world. As a result, Bird Song's executives expect free cash flow (FCF) to grow rapidly over the next 3 years. The forecast FCFs are $15 in 2020 (one year from now), $25 in 2021, with a jump to $40 in 2022. After 2022 Bird Song expects growth to slow to 2.0% per year in perpetuity. Bird Song's weighted average cost-of-capital (WACC) is 13%. What is Bird Song’s fundamental value?

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