Today is the end of Fiscal Year 2019. You have prepared the following planning period FCF forecast for Kellogg.The appropriate WACC is 6.75% and terminal growth in FCF is expected to be 2% (which will start at the beginning of 2023).At the beginning of FY 2023, it is expected that the enterprise value will be 14 times EBITDA. Use the discounted cash flow method to find the enterprise value (in millions of dollars) of Kellogg at the end of FY 2019.Assume that your boss has told you to use $25,000 for your terminal value at the end of FY 2022.

Fiscal Year-end Values 2020 2021 2022

FCF (in millions) 1,619.3 1,684.1 1,751.4