What is the formula for current value of operations?

[Free Cash Flows (1 + growth rate)] / (WACC - growth rate)

Example: Weighed Average Cost of Capital = 12%

FCF = $400,000 (Found by EBIT (1 - Tax rate) - net change in operating Capital

Growth Rate = 5%

(400,000 x 1.05) / (.12 - .05) = $6,000,000 = Value of Operations