You are given the following estimates (all figures are in $Millions). You estimate that the firms trailing TEV/EBITDA multiple in year 5 is 9x. The firm has a $500Million of debt outstanding and 24 Million shares outstanding. Estimate the intrinsic value of a share of the firms equity assuming a 9% WACC (and assume that the firm holds no excess cash)

Year	1	2	3	4	5
EBIT	200	212	232	248	260
Depreciation Expense	60	80	98	100	120
Net Income	140	168	180	208	216
FCFF	240	256	272	288	300
FCFE	220	232	256	272	256