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AFW Industries has 193 million shares outstanding and expects earnings at the end of this year of $673 million. AFW plans to pay out 58%
AFW Industries has 193 million shares outstanding and expects earnings at the end of this year of $673 million. AFW plans to pay out 58% of its earnings in total, paying 33% as a dividend and using 25% to repurchase shares. If AFW's earnings are expected to grow by 7.9% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 11.9%
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