Craines has never paid a dividend Free cash flow is projecte

Craines has never paid a dividend. Free cash flow is projected to be 95 million and 125 million for the next two years. After the second year, FCF is expected to grow at a constant rate of 10.5%. The company

value of Craines operations = 95/1.1475 + 125/1.1475² + 1/1.1475² ( 125(1.105)/1.1475-1.105)) = 2645.90