Free Cash Flow Valuation for LMN Industries

LMN Industries is a manufacturing company that has been experiencing steady growth in its revenue for the past few years. The management has projected that the company will generate free cash flows (FCF) for the next five years as follows: Year 1: $2 million, Year 2: $2.5 million, Year 3: $3 million, Year 4: $3.5 million, and Year 5: $4 million. After year 5, management expects free cash flows to grow at a constant rate of 3% indefinitely.

The required rate of return for LMN Industries’ equity is estimated to be 10%. The company plans to use a Free Cash Flow to the Firm (FCFF) approach for its valuation. What is the estimated intrinsic value of LMN Industries per share if the company currently has 1 million shares outstanding?