AdvPak Technologies currently has $20 million in debt, which is significantly below its target leverage (D/V) of 35%. The company plans to increase gradually it's debt from 2019 until 2023 to achieve its target leverage at the end of 2023. The projections of the company's cash flows are given below. It's cost of debt is 8.25%, unlevered beta is 0.608, and the market risk premium is 6%. The tax rate is 38%, Rf is 4.62%, and the long-term growth rate is expected to be 4%. Calculate the enterprise value of the company. (5 pts.)

	2018	2019	2020	2021	2022	2023
Sales	203,580	220,758	239,386	258,605	279,368	300,369
EBITDA	19,901	28,699	34,711	36,205	39,112	42,052
Depreciation	10,695	10,775	12,132	14,238	15,286	16,295
EBIT	9,206	17,924	22,579	21,967	23,826	25,757
Capex & NWC increase		12,709	19,677	21,557	24,333	25,121
Net debt at year end	20,000	40,000	50,000	70,000	90,000	110,000