Whitewater Inc. has a debt of 20,000,000 Euro and the value of levered equity is 14,500,000 Euro. The company keeps a constant debt policy. Also the company has a constant and perpetual EBITDA. Knowing that the corporate tax rate is 36% and that the unlevered return on equity is 12.00%
What is the unlevered cash flow of the company at the end of each year?