DMN Corp, a rapidly growing technology firm, has provided the following projected free cash flows (FCF) for the next five years:
Year 1: $15 million
Year 2: $18 million
Year 3: $22 million
Year 4: $26 million
Year 5: $30 million
Beyond Year 5, DMN Corp expects to achieve a stable growth rate of 4%. The firm has a calculated weighted average cost of capital (WACC) of 10%.
Assuming a terminal value calculation is based on the Gordon Growth Model, what is the estimated intrinsic value of DMN Corp's equity based solely on the free cash flow valuation method?