15. What is an appropriate estimate of Havasham's terminal value as of the end of 2014, using the perpetual-growth equation as your estimate?

The following table presents forecasted financial and other information for Havasham Industries: Projected EBIT Earnings after tax Free cash flow 2012 2013 2014 S317 $339 $363 210 144 197 225 155 Havasham's WACC Expected growth rate in FCFs after 2014 Warranted MV firm FCF in 2014 Warranted P/E in 2014 8.2% 4.0% 19.4 18.7 15. What is an appropriate estimate of Havasham's terminal value as of the end of 2014, using the perpetual-growth equation as your estimate? A) $161 million B) $1,963 million C) $3,833 million D) $5,357 million