Walsh Manufacturing recently valued its operations using a standard, discounted cash flow based corporate valuation model. The calculated value of a company's operations was $1,175 million. Walsh's balance sheet at the valuation date shows $50 million of excess cash and $150 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, $100 million in bank debt, current portion of L-T Debt of $100 million, $400 million in bonds, $250 million in common stock (par value plus paid-in-capital), and $390 million in retained earnings. What is your best estimate for Walsh's market value of equity?

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