Free cash flow for an all-equity firm was 4 million last


Free cash flow for an all-equity firm was $4 million last year. It is expected to grow by 20% in the current year, at a 15% rate annually for the five years after that, and then assume a more normal 4% growth rate thereafter (forever). The firm's cost of equity is 10%. What is the value of the firm?

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Financial Management: Free cash flow for an all-equity firm was 4 million last
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