You need to estimate the value of Laputa Aviation. You have the following forecasts (in millions of dollars) of its profits and of its future investments in new plant and working capital:

	Year
	1	2	3	4
Earnings before interest, taxes, depreciation, and amortization (EBITDA)	$ 88	$ 108	$ 123	$ 128
Depreciation	28	38	43	48
Pretax profit	60	70	80	80
Tax at 30%	18	21	24	24
Investment	17	20	23	25

From year 5 onward, EBITDA, depreciation, and investment are expected to remain unchanged at year-4 levels. Laputa is financed 50% by equity and 50% by debt. Its cost of equity is 19%, its debt yields 10%, and it pays corporate tax at 30%.

Estimate the companys total value.

Note: Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole amount.

What is the value of Laputas equity?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole amount.