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Portage Bay Enterprises has $ 4 million in excess​ cash, no​ debt, and is expected to...

Portage Bay Enterprises has $ 4 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 10 % and it has 4 million shares​ outstanding, what should be the price of Portage Bay​ stock?

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