Calculate the equity value for the following company. EBITDA in year 1 is expected to be $100M and is expected to grow by 1% for each of the next 5 years. Cap Ex, TIs and LCs are expected to be $7M in year 1 and are expected to grow at 3% for each of the next 5 years. Currently the company has $500M in debt and this is expected to remain constant going forward. Assuming an exit in year 6, what is the equity value of the company today? Assume a 10% discount rate and an 8% cap rate.

**you need to value the company using DCF analysis. Go out to year 6 since that's the exit year.