Step 1: Calculate present value of FCFF for years 1-4 $\text{FCFF}_1 = 10,500 \times (1 + 0.06) = 11,130$ $\text{FCFF}_2 = 11,130 \times (1 + 0.06) = 11,798$ $\text{FCFF}_3 = 11,798 \times (1 + 0.06) = 12,506$ $\text{FCFF}_4 = 12,506 \times (1 + 0.06) = 13,256$

$\text{PV of FCFF}_1 = \frac{11,130}{(1 + 0.13)^1} = 9,850$ $\text{PV of FCFF}_2 = \frac{11,798}{(1 + 0.13)^2} = 9,232$ $\text{PV of FCFF}_3 = \frac{12,506}{(1 + 0.13)^3} = 8,664$ $\text{PV of FCFF}_4 = \frac{13,256}{(1 + 0.13)^4} = 8,132$

$\text{Total PV of FCFF} = 9,850 + 9,232 + 8,664 + 8,132 = 35,878$

Step 2: Calculate enterprise value $\text{Enterprise Value} = \text{PV of FCFF} + \text{PV of Terminal Value} = 35,878 + 75,389 = 111,267$

Step 3: Calculate equity value $\text{Equity Value} = \text{Enterprise Value} - \text{Debt Value} = 111,267 - 18,500 = 92,767$

Step 4: Apply DLOM for non-controlling shareholder $\text{Equity Value after DLOM} = 92,767 \times (1 - 0.15) = 78,859$

The equity valuation from the perspective of a non-controlling shareholder is €78,859 thousand.