Adventure is a company that manufactures and sells gears and equipment for outdoor activities such as hiking, canoeing, camping, kayaking, etc. You have been asked to value Adventure whose revenues are $800 million and operating margins are 32 percent. Due to intense competition in the market, the company is in a zero-growth stage and likely to stay this way in the foreseeable future. Since the company is not growing, working capital is constant and capital expenditures are spent only to replace depreciation. The company has $250 million in debt outstanding and has a cost of debt equal to 9.25 percent (the companys bonds trade at par, so interest payments can be computed using the cost of debt). The company has 238 million shares outstanding and its stock is trading at $10.44. The company has a cost of equity equal to 15.72 percent. The company faces a tax rate of 36 percent. Round intermediate and final steps to 2 decimal places.)

Compute enterprise value using adjusted present value (Need to estimate Vu and Vtxa).