CSMAR is a leading financial data provider and aims to acquire its direct competitor, Wind Data. The CSMAR estimate Wind Data has sales of $40 million and after-tax income of $4 million this year. Wind Data has the debt to equity ratio is 20%, and the after-tax income is expected to grow at 15% per annual for the next 3 years and 5% per annual thereafter. Capital expenditures are expected to grow in line with depreciation and working capital requirements are minimal. The average beta of publicly traded companies in the financial data provider industry is 2 and the average debt/equity ratio is 50%. The Wind Data is managed very conservatively and does not intend to issue new debt and change its D/E ratio through the foreseeable future. It has no preferred stock as well. The current risk free rate is 5% and the tax rate is 30%. The market return is believed to be 11% on average for the next three years. Reflecting the slower growth rate in the fourth year and beyond, the firm's discount rate is expected to decline to the industry average cost of equity of 10.4%. 

Estimate the value of Wind Data's equity.