You determine that an approriate rate of return for hgc is


Please help me solve this problem using excel or steps on how to calculate fair value per share of HGC.

Hole-in-One Golf Courses (HGC) expects free cash flow of $500 million next year. Their CEO also reports that cash flow is expected to grow at 4% for the forseeable future. You determine that an approriate rate of return for HGC is 12.5%. If HGC has 100 million shares outstanding, what is the Equity Value of HGC?

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Finance Basics: You determine that an approriate rate of return for hgc is
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