Do Pham is evaluating Phaneuf Accelerateur by using the FCFF and FCFE valuation approaches. Pham has collected the following information (currency in euro):

• Phaneuf has net income of € 250 million, depreciation of € 90 million, capital expenditures of € 170 million, and an increase in working capital of € 40 million.
• Phaneuf will finance 40 percent of the increase in net fixed assets (capital expenditures less depreciation) and 40 percent of the increase in working capital with debt financing.
• Interest expenses are € 150 million. The current market value of Phaneuf’s outstanding debt is € 1,800 million.
• FCFF is expected to grow at 6.0 percent indefinitely, and FCFE is expected to grow at 7.0 percent.
• The tax rate is 30 percent.
• Phaneuf is financed with 40 percent debt and 60 percent equity. The before - tax cost of debt is 9 percent, and the before - tax cost of equity is 13 percent.
• Phaneuf has 10 million outstanding shares.

A. Using the FCFF valuation approach, estimate the total value of the firm, the total market value of equity, and the per - share value of equity.
B. Using the FCFE valuation approach, estimate the total market value of equity and the per - share value of equity.