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For the next three years, an analyst projects that free cash flows to common equity...

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For the next three years, an analyst projects that free cash flows to common equity holders for Viacom, Inc. (the parent company of Paramount Studios) will be $2.575. $2.780, and $3,252 (in millions). Cash flows for the first year beyond the three-year forecast horizon are expected to be $3,500. Equity investors demand a 9.5% return on their investment and the analyst has calculated the WACC to be 10.2%. The steady-state growth rate is 3%. Given these assumptions, what is the analyst's estimated current value for Viacom? $50.539 billion $48.159 billion $43.380 billion $55.557 billion

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