A security analyst is evaluating Spring Lake Cruise, Inc. $($NASDAQ: SLC$)$ using a three$-$stage FCFF valuation model. The analyst has accumulated the following information.

Current FCFF $=$ $$30$ million

Growth rate of FCFF

Stage $1$: $6\mathrm{.}0$ percent annually for Years $1-2$

Stage $2$: $5\mathrm{.}0$ percent for Years $3-4$

Stage $3$: $3\mathrm{.}0$ percent in Year $5$ and thereafter

Equity beta $=1\mathrm{.}8,$ risk$-$free rate $=4\mathrm{.}3$ percent, and equity risk premium $=6\mathrm{.}5$ percent

Cost of debt before$-$tax $=8$ percent

Marginal tax rate $=25$ percent

Capital structure $=50$ percent debt, $50$ percent equity

Long$-$term debt $=$ $$121\mathrm{.}55$ million

Outstanding shares $=10$ million

Based on the information above, estimate the value of equity per share.