JP Inc. had the following information expressed in millions of $:

2019 2020

Net Fixed Assets 2,000 2,500

After Tax Operating Income 700 925

Net Income 600 825

b. The growth rate of GDP is estimated to be on average 2.5% in the next few years. JP inc has a capital structure of 40% Debt and 60% Common Stock (Equity). Cost of debt prior to taxes is estimated to be 5% and cost of equity is estimated to 13%. Tax rate is estimated to be 35%. Based on this information and your solution in 18.a estimate the intrinsic value for this firm.