IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part of your business development strategy, in late 2013 you initiate discussions with IDX's founder about the possibility of acquiring the business at the end of 2013. Estimate the value of IDX per share using a discounted FCF approach and the following data: bullet Debt: $ 40 million bullet Excess cash: $ 108 million bullet Shares outstanding: 50 million bullet Expected FCF in 2014: $ 49 million bullet Expected FCF in 2015: $ 51 million bullet Future FCF growth rate beyond 2015: 4 % bullet Weighted-average cost of capital: 9.4 %