Can someone please explain how to answer this question? I'd really appreciate any help!

4. Kollmorgea Corporation, a diversified technology company, reported sales of $194.9 million in 1992 , and had a net loss of $1.9 million in that year. Its net income had traced a fairly volatile course over the previous five years: Trer Nrifeceses IWex \$115 metion 129$2.4 ration 190 \$12 nation 1901546 ration The stock had a beta of 1.20, and the normalized net income was expected to increase 6\% a year until 1996 , after which the growth rate was expected to stabilize at 5% a year (the beta will drop to 1.00 ). The depreciation amounted to $8 million in 1992, and capital speading amounted to $10 million in that year. Both items were expected to grow 5% a year in the long term. The firm expected to maintain a debt ratio of 35%. (The Treasury bond rate was 75 , and the risk premium is 5.5%.) a. Assuming that the average earnings from 1987 to 1992 represents the normalized earnings, estimate the normalized earaings and free cash flow to couity. b. Estimate the value per share