During the evaluation of a potential leveraged buyout (LBO) for a mid-sized manufacturing company, investors are estimating the enterprise value (EV) based on projected future cash flows and exit multiples. The operations are expected to generate increasing free cash flows of $5 million, $6 million, and $7 million over the next three years. After that, they anticipate stable cash flows growing at a perpetual growth rate of 3%. The investors use a target internal rate of return (IRR) of 20% to determine the present value of the cash flows. Additionally, the exit multiple based on comparable companies is set at 8 times the year-three free cash flow.
Given this information, what is the estimated enterprise value of the company at the time of acquisition?