An analyst is estimating the intrinsic value Harkleroad Technologies' stock. Harkleroad's free cash flow is expected to be $34 million this year, and grow at a constant rate of 7% a year. The company's WACC is 13%. Harkleroad has $162 million of long-term debt, and 20 million outstanding shares of common stock. It has no preferred stock.
Determine the per-share price of Harkleroad Technologies' common stock, assuming that the market is both efficient and in equilibrium.