Big Z Chicken is a private fast food business located in Georgia. The company sells franchises in the chicken business and charges a 7.00% royalty on all sales of its stores. Here is a quick summary of Big Z company financials:

Company Data	Fiscal Year 2018
# of Stores	505.00
Revenues per store	$1,000,000.00
Royalty on sales	7.00%
EBITDA Margin on Sales	18.00%

Balance Sheet Data	Fiscal Year 2018
Interest bearing debt	$15,000,000.00
Shareholder equity	$12,000,000.00
Cash and Marketable Securities	$4,000,000.00

We will compare Big Z against Chick-Today, a leader in the fast food business, that has an enterprise value of $406.00 billion and EBITDA of $108.00 billion.

Using Chick Today's multiple and Big Z financial data, what is the value of Big Zs equity?