20. An analyst has collected the following information about Franklin Electric: Projected EBIT for the next year $300 million. Projected depreciation expense for the next year $50 million Projected capital expenditures for the next year $100 million. Projected increase in operating working capital next year $60 million. Tax rate 40%. WACC 10%. Cost of equity 13%. Market value of debt and preferred stock today $500 million. Number of shares outstanding today 20 million. The company's free cash flow is expected to grow at a constant rate of 6 percent a year. The analyst uses the corporate value model approach to estimate the stock's intrinsic value. What is the stock's intrinsic value today? 62.50