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The following is a five year forecast for the company Free Cash Flow (in millions) 2010:...

The following is a five year forecast for the company

Free Cash Flow (in millions)

2010: -10

2011: 5

2012: 20

2013: 40

2014: 60

After 2014, earnings before interest and tax will remain constant at $69 million, depreciation will equal capital expenditures each year, and working capital will increase by $2 million. The company's WACC is 12.9% and its tax rate is 12%.

Estimate the market value of the company at the end of 2009.

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