Assume as a VC that you want to establish a pre- and post-money valuation in support of the issuance of a term sheet. In order to establish a discount rate, you've decided to use CAPM with the following inputs: Risk free rate of 4% Market return expectation of 10% Beta coefficient of 2.5 You are planning to invest $5mm in a lump sum based solely on the company's success-based forecast as the basis for your operating cash flow (OCF) projections as follows: Year 1 Year 2 Year 3 Year 4 Year 5 OCF $3mm -$1mm +$1mm +3mm +$5mm Assume 5% annual growth after year 5. At this point you perceive the most likely harvest to involve a M&A transaction. Recent transactions have occurred at the following operating cash flow multiples: Transaction A:8x Transaction B: 10x Transaction C: 11x Transaction D: 12x The company currently has 1mm shares outstanding. Propose an implied share price, a pre-money and post-valuation valuation for this venture