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You are trying to calculate the enterprise value of DCB Corp using a free cash flow model. To that end you have put together some

You are trying to calculate the enterprise value of DCB Corp using a free cash flow model. To that end you have put together some forecast for year 1 in the table below. Assume that free cash flows will grow at 1.5% in perpetuity and that the weighted average cost of capital of the firm (WACC) is 8%. Using this information, calculate the enterprise value of the firm. Express your answer in $-millions and round to two decimals (do not include the $-sign in your answer).

Forecasts for Year 1 (in $ millions)
Sales 159
Cost of sales 58
Selling, general and administrative expenses 7
Depreciation 35
Increase in Net Working Capital 5
Capital expenditures 33
Marginal corporate tax rate 23%

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