16. Montreal Corporation, one of the largest defense contractors in Canada, reported EBITDA of $1290 million in 2013, prior to interest expenses of $215 million and depreciation charges of $400 million. Capital Expenditures in 2013 amounted to $450 million, and working capital was 7% of revenues (which 3 were $13,500 million). The firm had debt outstanding of $3.068 billion (in book value terms), trading at a market value of $3.2 billion, and yielding a pre-tax interest rate of 8%. There were 62 million shares outstanding, trading at $64 per share, and the most recent beta is 1.10. The tax rate for the firm is 40%. The treasury bond rate is 7% and the market risk premium is 5.5% The firm expects revenues, earnings, capital expenditures and depreciation to grow at 9.5% a year from 2014 to 2018, after which the growth rate is expected to drop to 4%. Capital spending will offset depreciation in the steady state period.Assume the cost of capital remains the same Estimate the value of the equity per share using FCFF