Intrinsic Value Calculation Using Residual Income

A financial analyst is evaluating the intrinsic value of XYZ Corp using the Residual Income Valuation method. The company's current book value of equity is $50 million, and it is expected to generate net income of $10 million next year. The required rate of return for equity holders, based on the capital asset pricing model (CAPM), is 12%. Assuming a sustainable growth rate of 4% for the residual income, what is the estimated intrinsic value of XYZ Corp's equity?