Problem
Portage Bay Enterprises has $1 Million in Excess Cash, no debt, and is expected to have a $6 million Free Cash flow next year. In year 2 it expects its free cash flow will be $10 million and thereafter is then expected to grow at a rate of 3% forever. If Portage Bay's equity cost of capital is 11% and it has 5 million shares outstanding what is the Price per share of Portage Bay stock?