Question: You have been tasked with using the FCF model to value Julie's Jewelry Co. After your initial review, you find that Julie's has a reported

You have been tasked with using the FCF model to value Julie's Jewelry Co. After your initial review, you find that Julie's has a reported equity beta of 1.5, a debt-to-equity ratio of .5, and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 4 percent and a market risk premium of 7 percent. If Julie's had FCF last year of $45.0 million and has current debt outstanding of \$115 million, find the value of Julie's equity assuming a 2.4 percent growth rate in FCF. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

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