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A company reported an EBIT of $ 4 0 million for the last financial year. For the same financial year, the company reported the following:

A company reported an EBIT of $40 million for the last financial year. For the same financial year, the company reported the following: capital expenditure of $15 million; depreciation of $10 million; and change in working capital of $3 million. The company's dividend payout ratio is 40% and the return on assets (ROA) is 8%. The current value of debt of this company is $75 million and its weighted average cost of capital (WACC) is 12.52%. The corporate tax rate is 40%.
Calculate the value of equity of this company.

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