DC Corp., a leader in developing and manufacturing medical device systems, reported EPS of $2.02 in 2019, and paid no dividends. This income is expected to grow 14% a year for 5 years (2020 - 1994) and 7% a year after that. Depreciation was reported at $2 million in 2019 and capital expenditures at $4.2 million. The company currently has 7 million shares outstanding. Working capital is expected to remain at 50% of sales, and was worth $106 million in 1993 and is expected to grow 6% a year from 2020 to 2024 and 4% a year thereafter. The company expects to finance 10% of capital expenditure and working capital needs with debt. In 2019, DC had a beta of 1.2 and this beta is expected to decrease to 1.1 after 2024. The government bond interest rate is 7%). The market risk premium is 5.5%. 

a. Let's estimate free cash flow to owners for 2020-2024, assuming capital expenditures and depreciation grow at the same rate as earnings. 

b. Let's estimate the terminal value (end of 2024). Stable businesses in the industry have capital expenditures estimated at 150% of depreciation value, and maintain working capital at 25% of revenue. RE, no juice 

c. Using the FCFE model, estimate today's stock price.