Quinton Johnston is evaluating TMI Manufacturing Company, Ltd., which is headquartered in Taiwan. In 2008, when Johnston is performing his analysis, the company is unprofitable. Furthermore, TMI pays no dividends on its common shares. Johnston decides to value TMI Manufacturing by using his forecasts of FCFE. Johnston gathers the following facts and assumptions:

• The company has 17.0 billion shares outstanding.
• Sales will be $ 5.5 billion in 2009, increasing at 28 percent annually for the next four years (through 2013).
• Net income will be 32 percent of sales.
• Investment in fixed assets will be 35 percent of sales; investment in working capital will be 6 percent of sales; depreciation will be 9 percent of sales.
• 20 percent of the investment in assets will be financed with debt.
• Interest expenses will be only 2 percent of sales.
• The tax rate will be 10 percent. TMI Manufacturing’s beta is 2.1; the risk - free government bond rate is 6.4 percent; the equity risk premium is 5.0 percent.
• At the end of 2013, Johnston projects TMI will sell for 18 times earnings.

What is the value of one ordinary share of TMI Manufacturing Company?