WDW Studio is a giant media and entertainment conglomerate. Suppose it is January 1, 2020, and the company's abbreviated 2019 financial statement is given as follows (in millions of dollars):

Income Statement

2019

EBITDA 9,798

Depreciation 1,493

EBIT 8,305

Interest Expense 745

EBT 7,560

Taxes (40%) 3,024

Net Income 4,536

During 2019, WDW Studio spent a total of $5,866 million to purchase new fixed assets, decreased its net working capital by $1,055 million. All cash flows are assumed to occur throughout the year. Market experts (e.g., equity analysts) expect WDW's free cash flow (FCF) to grow at 12% for the next ten years (i.e., years 1-10). After that, its growth will stabilize at a constant, perpetual rate of 5%. The appropriate discount rate for WDW is 9%.

1. Using the Discounted Cash Flow (DCF) method, calculate WDW's enterprise value.
2. Suppose the firm currently has excess cash of $3,670 million and total debt of $980 million. With 720 million shares outstanding, what should be WDW's stock price per share?