A private equity fund (PE) wants to acquire company Co. The following projections in millions are used to value Co:

	Year 1	Year 2	Year 3	Year 4	Year 5
Revenues	200	210	220	230	240
Costs	100	105	110	115	120
EBIT	100	105	110	115	120
Change in NWC	3	3	4	4	5

Also:

• Co is financed 80% with equity (E) and 20% with debt (D). The interest rate on the debt is 8%.
• The tax rate is 40%
• Appropriate beta of Co is assumed to be 0.8
• Capital expenditure: 10 million each year from year 1 to year 5
• Depreciation: 6 million each year from year 1 to year 5

• Treasury yields for 10-year bonds are 7%
• The market risk premium is 7.5%
• After year 5, EBIT is expected to grow 3% per year in perpetuity

How much PE should pay for 100% of the shares of Co?