The company has $2,500$ million shares outstanding.
The market value of its debt is $\$3.88$ billion.
The current level of FCFF is $\$1.9$ billion.
The equity beta is $1.5$
The market equity risk premium is $7.0$ percent
The risk free rate is $4\%$
The pre-tax cost of debt is $8\%$
The firm’s tax rate is $40\%$
The firm is assumed to be financed $20\%$ with debt and the remainder with common stock.
The FCFF is expected to grow at a $7$ percent rate for the foreseeable future.
I'm trying to calculate WACC and Value of the firm. I know the formulas for both but what I can't figure out is how to calculate market value of firms equity without having price per share.
You don't need the market value, but just the ratio $D/E =0.25$ (and you can find the equity as $E=4D$). $$ \mathrm{WACC}=k_e\frac{E}{E+D}+k_d (1-t)\frac{D}{E+D}=k_e\frac{1}{1+D/E}+k_d (1-t)\frac{D/E}{1+D/E}=12.56\% $$ where $k_e=r_f+\beta_e \times MRP=4\%+1.5\times 7\%=14.5\%$, $k_d=8\%$ and $t=40\%$.
The Value of the firm $V$ is $$ V=\frac{\mathrm{FCFF}}{\mathrm{WACC}-g}=34.17\,\mathrm{billions} $$ where $g=7\%$.