Matthew Wyatt is evaluating Euro Stores Inc. $($ESI$)$ using the free cash flow to the

firm $($FCFF$)$ valuation model. He has collected the information that appears below.

Using the FCFF valuation model, estimate the per$-$share value of equity.

In the most recent period, ESI had net income of $375$ million, depreciation of

$110$ million, fixed capital investment of $190$ million, and working capital

investment of $65$ million.

ESI has a target debt ratio of $40\%.$

Interest expense in the most recent period is $420$ million and the market

value of debt is $6,000$ million.

The before$-$tax cost of debt is $7\%$ and the cost of equity is $14\%.$ The tax rate

is $40\%.$

ESI has $9$ million shares outstanding.

FCFF is expected to grow at $5\%$ into perpetuity.

$440\mathrm{.}29$

$387\mathrm{.}58$

$298\mathrm{.}15$

$418\mathrm{.}27$