Sigma Alpha has FCFF of $$853$ million. Sigma Alpha before$-$tax cost of debt is $6\%$ and its required rate of return for equity is $10\%$ percent. The company expects a target capital structure consisting of $50$ percent debt financing and $50$ percent equity financing. The tax rate is $25$ percent, and FCFF is expected to grow forever at $5\mathrm{.}4$ percent. Sigma Alpha Enterprises has debt outstanding with a market value of $$3000$ million and has $400$ million outstanding common shares. What is the total value of equity using FCFF valuation approach?

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