Please help me solve this problem using excel or steps on how to calculate fair value per share of HGC.
Hole-in-One Golf Courses (HGC) expects free cash flow of $500 million next year. Their CEO also reports that cash flow is expected to grow at 4% for the forseeable future. You determine that an approriate rate of return for HGC is 12.5%. If HGC has 100 million shares outstanding, what is the Equity Value of HGC?