Assume that John Smith, an equity research analyst with BMO Investment Brokerage House, has produced the following forecasts for the Free Cash Flows to the Firm (FCFF) of BLM Inc. for the period FY2020FY2023:

	Current		Finite Forecast Horizon
(in millions)	2019		2020		2021		2022		2023
Free Cash Flows to the Firm (FCFF)	90		94		99		105		109
Present Value of FCFF	90		87.03		84.87		83.35		80.11

For the period beyond FY2023, John Smith assumes a constant 2% terminal annual growth rate in free cash flows. He has also estimated a Weighted Average Cost of Capital (WACC) of 8%. The market value of BLMs Net Debt is equal to 150 million in FY2019. What is the DCF-based intrinsic (fundamental) value of the equity of BLM (No decimals, no rounding)?

Select one:

a. 1,253 million

b. 1,697 million

c. 1,847 million

d. 1,547 million

e. 1,523 million