You have been asked to value Fulmer's Football Helmets, Inc. Below is some information ($ millions except per-share data). Use the APV model to find the intrinsic value of the firm's equity in $millions.

Historical Projected year 1 Projected year 2

Short-term Investments 70 75 78

Total Assets 1,200 1,300 1,400

All debt 350 380 400

Total liabilities 500 550 575

Shareholder's equity 800 850 925

Interest expense 18 19 20

Free cash flow 25 35 43

Interest rate on debt = 5%

rL (levered cost of equity) = 11%

WACC = 8%

rU (Unlevered cost of equity) = 9%

Tax rate = 25%

Long-term growth rate = 3%