Ivanhoe Inc. management estimates that the company will generate after-tax free cash flows from the firm (FCFF) of $10.0 million, $13.4 million and $15.8 million, respectively, over the next three years. After that, FCFF are expected to grow at a constant five percent per year forever. The company has $5 million in non-operational assets. If the appropriate WACC is 8 percent, what is the enterprise value of this business? (Do not round intermediate calculations. Round answer to 2 decimal places, e.g. 52.75.)

Enterprise value of Ivanhoe Inc.

$ million