You have the following information about a company.

Sales in 2019 were 2000 million. Sales are expected to grow at a rate of 15% in 2020, and afterwards the growth rate will drop to 3%.

EBIT margin is expected to stay constant at 15%.

The corporate tax rate is 40%.

Net working capital each year is expected to stay constant at 10% of next year's sales.

To generate sales growth, each year t, capital expenditure net of depreciation (i.e., Capex- Depreciation) is expected to be 1/3 of the sales increase from year t to year t+1.

The debt-to-equity ratio (D/E) of the company is expected to stay constant at 1/2 and its equity cost of capital is 15%.

The firm has perpetual bonds outstanding with a coupon rate of 9% paid annually. The bonds are currently selling at par and have a AAA credit rating.

Question: Compute the value of the company at the beginning of 2020 using the WACC method. You may assume that all cash flows occur at the end of each year.