ABC Corporation is a mid-sized manufacturing firm that has shown consistent growth in its revenue and profits over the past five years. The company's management believes that they will continue to grow free cash flow (FCF) at an annual rate of 5% for the next three years before transitioning to a stable growth phase of 3% thereafter. Last year, ABC Corporation reported an FCF of $10 million.
Using a discount rate of 10%, what is the estimated intrinsic value of ABC Corporation’s equity based on the Free Cash Flow to Firm (FCFF) valuation approach?