IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part of your business development strategy, in late 2008 you initiate discussions with IDXs founder about the possibility of acquiring the business at the end of 2008. Estimate the value of IDX per share using a discounted FCF approach and the following data:

Debt: $30 million

Excess cash: $110 million

Shares outstanding: 50 million

Expected FCF in 2009: $45 million

Expected FCF in 2010: $50 million

Future FCF growth rate beyond 2010: 5%

Weighted-average cost of capital: 9.4%