Problem: 22 Selected data for the Derby Corporation are shown below. Use the data to answer the following questions. umber of shares of stock a. Calculate the estimated horizon value (i.e., the value of operations at the end of the forecast period immediately after the Year-4 free cash flow). Value of operations Plus value of narketable securities Total value of company Less value of debt Less value of preferred stock Estimated value of common equity Divided by number of shares Price per share Free cash flow Long-term constant growth in FCF Horizon value $1,681.84 $40.00 $1,721.04 $400.00 $50.00 $1,271.04 $40.00 $31.00 Projected '- 1 2 3 4 -$20.0 $20.0 $80.0 $84.0 5.0% $2,205.00