Intrinsic Value Calculation Using Free Cash Flow

ABC Apparel, a retail company, is analyzing its operational efficiency and overall profitability through its Free Cash Flow (FCF). For the last fiscal year, ABC Apparel reported Free Cash Flow of $5 million, with a current valuation growth rate of 4% per year. The company plans to maintain this growth rate indefinitely. Using the Free Cash Flow Valuation method, what is the intrinsic value of ABC Apparel's equity? Assume that the required rate of return is 10%.