You've noticed that due to Covid-19 the soap & cleaning manufacturing industry in Canada has experienced a huge growth, so you and your friend have decided to start a new business in this industry. You've collected the information provided below to make a feasibility analysis of the new business:

Industry Sales Forecast

YEAR	2021	2022	2023	2024	2025
Total Market (in $ thousands)	1,880,000	1,890,000	1,920,000	1,940,000	1,950,000
Your business market share	0.10%	0.11%	0.12%	0.14%	0.20%

Industry Cost Structure

	% of sales
COGS	55%
Depreciation	4%
Sales & Marketing Exp.	7%
Administrative Exp.	13%

Considering the following assumptions:

- your business will be able to have the same cost structure as the industry since its first year of operations

- there are no pre-operational losses to be carried forward.

- the tax rate is 28%.

- the business is 100% equity financed.

- the required return on equity (rE) is 18%

- the long-term growth rate is estimated to be 3% (growth after year 5)

- the investment in net working capital and capital expenditures is expected to be as follows:

YEAR	2020	2021	2022	2023	2024	2025
NWC (in $ thousands)	150	20	20	40	120	20
CAPEX (in $ thousands)	300			200

What is the value of the company using the DCF method (PV of FCFs)? (your answer should be in $ thousands).