In 2020 the corporation X had the following data:

• EBITDA - $3,500 mln
• Depreciation and amortization expenses - $550 mln
• Capital expenditure - $350 mln
• Net working capital is 5% of sales revenues
• Sales revenue - $10,000 mln
• 40 mln shares outstanding
• Marginal tax rate 20%
• Cost of capital 10%.

According to the forecast revenues, earnings, capital expenditure and depreciation will grow at 3% for the next 5 years and thereafter the growth rate level off at 1%.

Find intrinsic value of equity.