You are valuing Soda City Inc. It has $110 million of debt, $90
million of cash, and 140 million shares outstanding. You estimate
its cost of capital is 12.4%. You forecast that it will generate
revenues of $700 million and $800 million over the next two years,
after which it will grow at a stable rate in perpetuity. Projected
operating profit margin is 20%, tax rate is 30%, reinvestment rate
is 20%, and terminal EV/FCFF exit multiple at the end...