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)	$ 83	$ 103	$ 118	$ 123
Depreciation	23	33	38	43
Pretax profit	60	70	80	80
Tax at 30%	18	21	24	24
Investment	12	15	18	20

From year 5 onward, EBITDA, depreciation, and investment are expected to remain unchanged at year-4 levels. Laputa is financed 60% by equity and 40% by debt. Its cost of equity is 14%, 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.