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) $ 77 $ 97 $ 112 $ 117

Depreciation 27 37 42 47

Pretax profit 50 60 70 70

Tax at 30% 15 18 21 21

Investment 15 18 21 23

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 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.