Angel Enterprise was going public in 2018. You were wondering
whether the $30 per share offer price is a fair price. You decided
to use discounted cash flow approach to value the company’s stock.
You gathered the following data: Year FCF Other Data 2019 $600,000
Growth rate of FCF beyond 2023 = 3% 2020 $900,000 Weighted Average
Cost of Capital (WACC) = 10% 2021 $1,400,000 The firm has no debt
2022 2023 $1,800,000 $2,500,000 Number of common shares outstanding
=...