You have been asked to estimate the value of a Canberra Inc., amature Australian steel company, for acquisition by a US steel company. The expected cash flows for next year have been estimated below and they are expected to grow 3% a year in perpetuity,in millions of Australian dollars:

This yearNext yearNet Income$ 100.00$ 103.00- (Cap Ex - Depreciation)$ 40.00$ 41.20- Change in non-cash WC$ 20.00$ 20.60+ New Debt issued$ 15.00$ 15.45Free Cash Flow$ 55.00$ 56.65

The US company has a US dollar cost of equity of 9% and a US $ cost of capital of 8%;Australia can be viewed as a mature market. If the inflation rate is 4% in Australia and 2% in the US, what value would you attach to these cash flows?