1. In 2021 the corporation L had the following data: EBITDA $1,490 mio, depreciation and amortization expense $500 mio, Capital expenditure $650 mio. Net working capital is 6% of sales revenues, Sales revenues $15,500 mio, 62 mio shares outstanding, marginal tax rate 40%, cost of capital 12%. According to the forecast revenues, earnings, capital expenditure and depreciation will grow at 8% for the next 5 years and thereafter the growth rate level off at 4%. Company plans to cancel dividends in 2022 , increase to 50% in 2022 and pay out 100% afterwards. Find intrinsic value of equity