ou need to estimate the value of Laputa Aviation. You have the following forecasts (in millions of dollars) of its profits and of its future investments in new plant and working capital:

	Year
	1	2	3	4
Earnings before interest, taxes, depreciation, and amortization (EBITDA)	$ 79	$ 99	$ 114	$ 119
Depreciation	29	39	44	49
Pretax profit	50	60	70	70
Tax at 30%	15	18	21	21
Investment	13	16	19	21

From year 5 onward, EBITDA, depreciation, and investment are expected to remain unchanged at year-4 levels. Laputa is financed 60% by equity and 40% by debt. Its cost of equity is 12%, its debt yields 8%, and it pays corporate tax at 30%.

Estimate the companys total value.

Note: Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole amount.

What is the value of Laputas equity?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole amount.