You have been asked to estimate the value of General Communications, a telecomm firm. General Communications has a debt to capital ratio of $30\%,$ a beta of $1\mathrm{.}10$ and a pre$-$tax cost of debt of $7\mathrm{.}5\%.$ The firm had earnings before interest and taxes of $ $600$ million in $2021($fiscal year end is March $31,2022),$ after depreciation charges of $$300$ million. The firm had capital expenditures of $$360$ million, and non$-$cash working capital increased by $$50$ million during $2021.$ The firm also had a book value of capital of $ $2$ billion at the beginning of $2021$ fiscal year.

$($The Treasury bond rate is $5\%,$ the market risk premium is $6\mathrm{.}3\%$ and the firm has a tax rate of $40\%).$ Assuming that the firm is in stable growth, and that the return on capital and reinvestment rates from $2020$ can be sustained forever.

Estimate the value of the firm at the beginning of $2022$ fiscal year.