Provide valuation of Alcan Inc based on a two-stage FCFE valuation approach. Use the following assumptions: Net income is currently $680 million. Net income will grow by 26 percent annually for the next three years. The net investment in operating assets (capital expenditures less depreciation plus investment in working capital) will be $1,230 million next year and grow at 20 percent for the following two years. 45 percent of the net investment in operating assets will be financed with net new debt financing. Alcans beta is 1.2, the risk-free bond rate is 6 percent, and the equity risk premium is 5 percent. After three years, the growth rate of net income will be 5 percent and the net investment in