At the end of 2020, the shares of FastX Ltd, a delivery company, traded at $20.50 each. In its 2020 annual report, FastX had reported in its balance sheet total assets of $8,000 million and total liabilities of $3,000 million with 1,900 million shares outstanding. You will use analyst forecasts as your expectations for future earnings. The forecasts for earnings-per-share are $1.80 for fiscal year 2021 and $1.90 for 2022. FastX pays a dividend of 50 cents per share.

Required:

Estimate the per-share value of FastX Ltd at the end of 2020 using the residual earnings model based on the analysts' forecasts, with an additional forecast that residual earnings will grow at the anticipated GDP growth rate of 2 percent per year after 2021. You expect a required return of 11 percent.