You have the following data:

A company's most recent EPS is AED $5$ per share. The company is in the high growth phase of its life cycle and this will continue for $3$ years.

The current ROE is $20\%.$ The retention ratio is presently $80\%.$ Working capital is $7\%$ of revenues, which was AED $100,000,000$ the most recent year and which will grow by $2\%.$ There are $1$ million shares outstanding. Net CAPX per share is AED $2$ and net CAPX will grow at the same rate as EPS.

The debt to asset ratio is current $60\%.$

The company's beta is currently $1\mathrm{.}7.$

After the high growth period ends, the company will enter the stable growth period indefinitely. At that time, the ROE will fall to $5\%$ and the retention ratio will fall to $20\%.$ The company will maintain the target capital structure. The firm's tax rate is assumed to be constant forever at $20\%.$

Investment in working capital will grow at $1\%$ forever and CAPX and depreciation expense will offset each other forever.

The riskfree rate is $4\%$ and the ERP is $6\%.$ The firm will have a stable growth beta in the stable growth period $($assume this will be $1).$

Use the FCFE model to value the firm's equity.