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You are going to value Lauryn's Company using the FCF model. After consulting various sources, you find that Lauryn's has a reported equity beta of

You are going to value Lauryn's Company using the FCF model. After consulting various sources, you find that Lauryn's has a reported equity beta of 17, a debt-to-equity ratio of 0.5, and a tax rate of 21 percent. Assume a risk-free rate of 6 percent and a market risk premium of 12 percent Lauryn's Doll Company had EBIT last year of $57 million, which is net of a depreciation expense of $5.7 millionIn addition, Lauryn's made $4.3 million in capital expenditures and increased net working capital by millionAssume the FCF is expected to grow at a rate of 2 percent into perpetuity What is the value of the firm? Note: Do not round intermediate calculationsEnter your answer in millions rounded to 2 decimal places.

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