Assume you have a company that has the following financials for fiscal year 2020 for scenario 1 & 2:

• $300 million in cash
• $600 million in book value of debt
• $500 million in market value of debt
• $1,000 million in book value of equity

Scenario 1: The firm will pay dividends as follows (all numbers are per share amounts paid at the corresponding fiscal year end):

• Year 2021: $5
• Year 2022: $4.50
• Year 2023: $4
• The dividends are expected to decline at 3% per year thereafter

If the cost of equity is 12%, the weighted average cost of capital is 8%, and the firm has 100 million shares outstanding in 2020. Then the firm's equity value per share as of 2020 is $_______

Scenario 2: The company will generate a net income of $350 million and a free cash flow of $200 million in 2021.

The growth rates of the free cash flows will be:

• 4% in 2022.
• 2% in 2023
• -2% per year after 2023

If the cost of equity is 12%, the weighted average cost of capital is 8%, and the firm has 100 million shares outstanding in 2020. Then the firm's equity value per share as of 2020 is $_______