Depreciation & Amortization $=$$$2,192$ million

Beta: $1\mathrm{.}01$

Market risk premium: $5\mathrm{.}76\%$

Risk free rate: $2\mathrm{.}5\%$

Credit rating: AA

Credit default spread: $3\%$

Book value of Debt: $42,102$ million

Market value of equity: $209,000$ million

In the first $5$ years, Disney is expected to have a high growth stage, with return on capital of $12\mathrm{.}61\%$ and reinvestment rate of $53\mathrm{.}93\%.$ Starting from year $6,$ Disney will become a mature firm with a stable growth rate of $2\mathrm{.}5\%.$ The return on capital will decline to $10\%.$

What is the terminal value of this firm?

$209000$

$146150$

$138762$

$101013$