A company is projected to generate free cash flows of $20 million per year for the next three years, followed by a stable growth of 2% per year in perpetuity. The company's cost of capital is 10%. It has $10 million worth of debt and $5 million of cash. There are 25 million shares outstanding. What's the estimated share value based on these projections? Round to the nearest cent (two decimal places).

Step 1: Calculate TV3 Step 2: Discount FCFF1, FCFF2, FCFF3 and TV3, and add them up to calculate the enterprise value Step 3: Walk the bridge to share value