If you grow the FCF per share at zero and put a zero terminal value on the company its worth $32. So no growth and no value for anything past the next 5 years. The company needs some coverage. Doesn't make any sense that this is trading at least $4 per share below where it should based on zero growth. At some point the $8M in cash per year they generate will go towards buying another firm or buying stock. Both will have positive EPS results. Until then it pays over 3% to wait. Enjoy the compounding so if it does absolutely nothing for the next 30 years that about an 8% percent annual return after compounding. Fine by me.