Shepard Industries expects free cash flow of $15.5 million each year. Shepard's corporate tax rate is 20%, and its unlevered cost of equity is 10%. The firm also has outstanding debt of $40 million and it expects to maintain amount of debt permanently. The value of Shepard Industries without leverage is closest to:

$115 million.

$155 million.

$180 million.

$210 million.