Alpha Inc. has a perpetual expected unlevered EBITDA of 3,000,000 Euros, which grows by 1.5% yearly. The assets of the company are fully depreciated. The company has a debt of 20,000,000 with an expected return of 3.45% for the next year. The unlevered return on equity is 9.35% and the beta of levered equity is 1.4. The company plans to keep a constant debt for the first two years and then switch to a constant debt-to-equity ratio subsequently. Assume no taxation. What is the value of equity?