Cummings has EAT, depreciation expense, capital expenses, debt and debt principal payments of $9m, $2.8m, $1.3m, $40m and $1.5m respectively. Between the first and the second years, it has current assets of $11m and $13.4m and current debts of $5m and $6.1m respectively. Its unlevered bheta, D/E and t are 3, .30/.70 and .4 respectively. The t bond rate is 2% and the risk premium is 8% and its sales are $100m. Cummings plows about 30% of its profits back into its business. Derive the value of Cummings.