You are evaluating a firm with projected free cash flows given below.

You expect that cash flows will grow by 4% per year after the forecast period. The appropriate discount rate is 12%.

The firm has a net income of $34 million. Debt of $20 million.

The firm has 10 million shares outstanding.

You have found a comparable firm with a P/E multiple of 11.5 times.

What is the price per share of the firm using FCF discounted by weighted average cost of capital and what is the value using comparable multiples?

Year 1 2 3 4 Free Cash Flow 25 30 32 40