Intrinsic Value Calculation for XYZ Corp

XYZ Corp is a mid-size technology company that has shown consistent revenue growth of 15% annually over the last five years. The company expects to maintain this growth for the next five years, after which it anticipates a decline to a long-term growth rate of 3%. For valuation purposes, the management has provided the following estimates:

• Free Cash Flow (FCF) for Year 1: $10 million
• Annual growth rate in FCF (Years 1-5): 15%
• Discount rate (WACC): 10%
• Terminal growth rate (after Year 5): 3%

Based on this information, what is the intrinsic value of XYZ Corp’s equity per share if there are 5 million shares outstanding?