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Phoenix’s recovery will be complete by 2021, and there will be no further growth in free cash flow.
a. Calculate the PV of free cash flow, assuming a cost of equity of 9%.
b. Assume that Phoenix has 12 million shares outstanding. What is the price per share?
c. If the 2016 net income is $1 million, what is Phoenix’s P/E ratio? How do you expect that P/E ratio to change from 2017 to 2021?
d. Confirm that the expected rate of return on Phoenix stock is exactly 9% in each of the years from 2017 to 2021.
Phoenix Corp faltered in the recent recession but is recovering
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