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Given the following information, please value Disney Disney current year's EBIT: 1 0 , 0 3 2 million Effective tax rate: 3 1 % Change

Given the following information, please value Disney
Disney current year's EBIT: 10,032 million
Effective tax rate: 31%
Change of working capital: 103 million
Capital Expenditures (including acquisitions)=$5,239 million
Depreciation & Amortization =$2,192 million
Beta: 1.01
Market risk premium: 5.76%
Risk free rate: 2.5%
Credit rating: AA
Credit default spread: 3%
Book value of Debt: 42,102 million
Market value of equity: 209,000 million
In the first 5 years, Disney is expected to have a high growth stage, with return on capital of 12.61% and reinvestment rate of 53.93%. Starting from year 6, Disney will become a mature firm with a stable growth rate of 2.5%. The return on capital will decline to 10%.
What is the firm value based on Free Cash Flow Model?
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