Do Pham is evaluating Phaneuf Accelerateur by using the FCFF and FCFE valuation approaches. Pham has collected the following information (currency in euros):

Phaneuf has net income of 250 million, depreciation of 90 million, capital expenditures of 170 million, and an increase in working capital of 40 million.

Phaneuf will finance 40% of the increase in net fixed assets (capital expenditures less depreciation) and 40% of the increase in working capital with debt financing.

Interest expenses are 150 million. The current market value of Phaneufs outstanding debt is 1,800 million.

FCFF is expected to grow at 6.0% indefinitely, and FCFE is expected to grow at 7.0%.

The tax rate is 30%.

Phaneuf is financed with 40% debt and 60% equity. The before-tax cost of debt is 9%, and the before-tax cost of equity is 13%.

Phaneuf has 10 million outstanding shares.

Using the FCFF valuation approach, estimate the total value of the firm, the total market value of equity, and the per-share value of equity.

Using the FCFE valuation approach, estimate the total market value of equity and the per-share value of equity.