Alex Donovan is interested in valuing the equity of Star Enterprise (SE)r a private company, using the GPCM. He gathers the following information regarding comparable public companies in the same industry as SE: Average MVIC-EBITDA multiple = 6.5 A downward adjustment of 20% to the average comparable public company MVIC- EBITDA ratio is required to reflect the relative risk and growth characteristics of SE. Based on past acquisitions of public companies in the industry, a 15% premium for control is considered appropriate. Alex obtains the following information regarding SE: Normalized EBITDA = $18.5 million Market value of debt = SI 2 million Normalized D/E ratio = 0.5 Estimate the value of SE's equity using the GPCM