An analyst prepares the following information (all € figures in thousands) to estimate the value of a private company:

• FCFF base year (Year 0): €10,500

• Growth rate years 1 through 4: 6%

• Present value at Year 0 of the year 4 terminal value: €75,389

• WACC: 13%

• Debt value: €18,500

• Discount for lack of marketability (DLOM): 15%

The equity valuation (in € thousands) of the company, from the perspective of a non-controlling shareholder, is closest to: