Free Cash Flow Valuation of GlobalTech Industries

GlobalTech Industries, a company specializing in technology solutions, is currently performing a Free Cash Flow (FCF) valuation to estimate its equity value. The finance team has projected the following free cash flows for the next five years:

• Year 1: $150 million
• Year 2: $180 million
• Year 3: $220 million
• Year 4: $240 million
• Year 5: $260 million

After Year 5, they expect the free cash flows to grow at a perpetual growth rate of 3%. The appropriate discount rate is 10%.

To determine the value of the firm using the Free Cash Flow to the Firm (FCFF) method, what is the estimated equity value of GlobalTech Industries based on the above projections?