Cobalt Industries had sales of 147,100 units at a price of $9.52 per unit. It faced fixed operating costs of $256,000 and variable operating costs of $5.12 per unit. The company is subject to a tax rate of 38% and has a weighted average cost of capital of 7.2%.

Calculate Cobalt's net operating profits after taxes (NOPAT), and use it to estimate the value of the firm. (Assume the firm's earnings are not growing.)