Based on the following data, what is the horizon value at the end of year 5?

Year

1

Revenue

700.00

Fixed costs

90.00

Variable costs

220.00

Additional investment in NWC

3.00

Additional investment in operating long-term assets

80.00

Depreciation

75.00

Tax rate

0.40

The free cash flow is expected to grow at 8% per year from year 1 to year 5 and 6% per year after year 5 to infinity.

WACCcomp = 12%.