1. A Morgan Stanley analyst produced the financial forecasts provided in the SnapSupplemental Workbook (available on Moodle) shortly after the offering (in April 2017; current stock price was about $20). The analyst assumed a WACC of 9.7%, a terminal growth rate of 3.5% and 1,404 million shares outstanding. All FCF estimates are reported the end of the fiscal year (same as calendar year) and refer to cash flows for the totality of the year. Assume that your estimate for Snaps excess cash at the end of the second quarter (Q22017) is $2.3 billion. Under these assumptions: a. What is the discounted cash flow estimate of Snaps fair stock market value on a per share basis, as of April 2017?