Intrinsic Value Calculation using FCF Model

Jane is evaluating the intrinsic value of DEF Technologies, which has demonstrated a steady increase in revenue over the past few years. To value the equity of DEF Technologies, Jane decides to use a Free Cash Flow (FCF) model. She estimates that the company will generate free cash flows of $5 million, $6 million, and $7 million over the next three years, respectively. Following these projections, she expects FCF to grow at a constant rate of 3% indefinitely beyond year three. Jane decides to apply a discount rate of 10% to these cash flows. What is the intrinsic value of DEF Technologies' equity based on Jane’s analysis?