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AFW Industries has 1 9 4 million shares outstanding and expects earnings at the end of this year of $ 7 4 2 million. AFW

AFW Industries has 194 million shares outstanding and expects earnings at the end of this year of $742 million. AFW plans to pay out 65% of its earnings in total, paying 31% as a dividend and using 34% to repurchase shares. If AFW's earnings are expected to grow by 8.4% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 11.1%.

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