Bayani Bakery's most recent FCF was $60 million; the FCF is expected to grow at a constant rate of 5%. The firm's WACC is 15%, and it has 15 million shares of common stock outstanding. The firm has $20 million in short-term investments, which it plans to liquidate and distribute to common shareholders via a stock repurchase; the firm has no other non-operating assets. It has $250 million in debt and $80 million in preferred stock.
What is the value of operations?