The Gossman Guitar Company is trying to determine the current value of its equity. As of its last financial statements, it had net income of $2,500. The book value of its equity was $10,500. The CAPEX was $2,500, depreciation was $1,250, change in working capital was $500, and the cash flow from net debt was $750. You may assume a risk-free rate of 3%, a beta of 1.4 and a market risk premium of 5%. After a 5-year high growth period, the stable growth will be 2%, but the ROE will remain the same. Given this information, what is the equity value of the operating cash flows?