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AFW Industries has 206 million shares outstanding and expects earnings at the end of this year of $678 million. AFW plans to pay out 57%

AFW Industries has 206 million shares outstanding and expects earnings at the end of this year of $678 million. AFW plans to pay out 57% of its earnings in total, paying 40% as a dividend and using 17% to repurchase shares. If AFW's earnings are expected to grow by 8.2% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 12.6%. What will be the price per share?

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