How to get 82 in WC

Yr	EBITDA	Deprec'n	EBIT	EBIT	Cap	_ WC	FCFF	Term
				(1-t)	Exp.			Value
0	$1,290	$400	$890	$534	$450	$82	$402
1	$1,413	$438	$975	$585	$493	$90	$440

One of the largest defense contractors in the United States reported EBITDA of $1,290 million in 1993, prior to interest expenses of $215 million and depreciation expenses of $400 million. Capex was $450 million and NWC is maintained at 7% of revenue, which was $13,500 million that year. The firm had debt with BV of $3.068 billion and MV of $3.2 billion with a pretax yield of 8%. There were 62 million shares outstanding, trading at $64 per share, and the beta was 1.10. The corporate tax rate was 40%, treasuries were yielding 7%, and the market risk premium was 5.5%. Revenues, earnings, CAPEX, and depreciation were expected to grow at 9.5% per year for the next 5 years. After that, growth was expected to be 4%. 1. Estimate the value of the firm using a FCFF model. Answer in millions to two decimal places.