Lemmon has depreciation expense, capital expenses and debt principal payments of $.2m, $.3m, and $.5m respectively. Between the first and the second years, it has current assets of $11m and $11.4m and current debts of $5m and $5.1m respectively. Its unlevered bheta, D/E and t are 2, 60/40 and .25 respectively. Lemmon’s ROE is 20%, its equity (book value) is $30 million, and it plows about 30% of its profits back into its business. Derive the value of Lemmon by using the free cash flow to equity definition.