Neo Drones Inc. $($NDI$)$ reported net income of $$100$ million in $2022,$ after interest expenses of

$$10$ million. The corporate tax rate was $30\%.$ It reported depreciation of $$10$ million in that

year, and capital spending was $$25$ million. The firm also had $$250$ million in debt outstanding

on the books, and there were $50$ million shares outstanding $($trading at $$10$ per share$),$ with a

book value of $$400$ million. The net working capital is $$20$ million and will remain unchanged

in the future. The cost of equity is $15\%,$ and the overall cost of capital is $12\%.$ The long$-$term

growth rate is $5\mathrm{.}4\%.$

a$)$ Estimate the free cash flow to the firm $($FCFF$)$ in $2022.$

b$)$ Estimate the value of equity at the end of $2022,$ and the value per share, using the FCFF

method