A conglomerate has decided to spin off a segment as a self-standing public company. In their estimation the newly spun off company will be paying $ 4 dividend next year that will grow by 6% annually until infinity. Investors determine their required return based on the CAPM. The beta of the segment is estimated to be 2.3, the market's expected return is projected to be 8% and the risk free rate is 3%.

What is the price of a share in the newly spun off company using the constant growth model?