You are going to value Lauryn's Doll Company using the FCF model. After consulting various sources, you find that Lauryn's has a reported equity beta of $1\mathrm{.}4,$ a debt$-$to$-$equity ratio of $0\mathrm{.}3,$ and a tax rate of $21$ percent. Assume a risk$-$free rate of $4$ percent and a market risk premium of $7$ percent. Lauryn's Doll Company had EBIT last year of $$40$ million, which is net of a depreciation expense of $$4$ million. In addition, Lauryn's made $$5$ million in capital expenditures and increased net working capital by $$3$ million. Assume the FCF is expected to grow at a rate of $3$ percent into perpetuity. What is the value of the firm?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.

Firm value

million