C plc and D Ltd are two businesses similar in size, activity and gearing. C plc is

Question:

C plc and D Ltd are two businesses similar in size, activity and gearing. C plc is listed, D Ltd is not. The P/E ratio for C plc is 12; the after-tax earnings per share for D Ltd have been £0.30 p.a. over recent years. What is the value of each D Ltd share?

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