Arr Manufacturing recently valued its operations using a standard, discounted cash flow based corporate valuation model. The calculated value of a company's operations was $1,150 million. Arrs balance sheet at the valuation date shows $75 million of excess cash and $160 million of marketable securities that are unrelated to its operations. The balance sheet also shows $188 million in accounts payable, $105 million in accruals, $142 million of intangible assets, $225 million in notes payable, $400 million in long-term debt, $250 million in common stock (par value plus paid-in-capital), and $390 million in retained earnings. What is your best estimate for Arrs market value of equity?