Use the following information to answer question 31 to 33.

An analyst covering Limpopo Ltd has compiled the following data (in hundreds of millions of rands) for the financial year ended 31 December 2024, in preparing for further analysis. This analysis will be included in a report she has been asked to produce. Limpopo Ltd is financed through a combination of preference shares, bonds, and equity.

Preference share dividends                                                      R50

Net income available to common shareholders                      R320

Increase in investment in working capital                                R60

Increase in investment in fixed capital                                     R120

Net borrowing                                                                          R90

Income resulting from reversal of restructuring charges         R25

Depreciation                                                                             R140

Interest expense                                                                       R100

Tax rate                                                                                     30%

Long-term growth rate of FCFF                                               3%

Long-term growth rate of FCFE                                               4%

The total value of Limpopo

Ltd, using a single stage FCFF model, is closest to: