You are evaluating a potential takeover target. A junior analyst on your team provided the target FCFF forecast below.

In addition, you have information about the target's debt, interest expenses, tax rate, and unlevered cost of equity.

Estimate the target firm's value based on its free cash flows and interest tax shield $($i$.$e$.$ use compressed APV method$)$

Estimate the target's total equity value

Estimate the target's per$-$share value

As an analyst for the acquirer, what's the maximum you would recommend paying for the target on a per$-$share basis?

Year $0($most recently$)12345$

FCFF $8\mathrm{.}07\mathrm{.}49\mathrm{.}912\mathrm{.}113\mathrm{.}5($in millions$)$

Interest expense $2\mathrm{.}02\mathrm{.}42\mathrm{.}62\mathrm{.}93\mathrm{.}2$

$28\%$ Tax rate $12$ million shares outstanding

$9\mathrm{.}0\%$ rE$,$U $40\mathrm{.}0$ Pre$-$merger debt $($millions$)$

$3\mathrm{.}0\%$ Long$-$run growth rate $0\mathrm{.}0$ Excess cash $($millions$)$