Beagles engages in the development, manufacture, and sale of a line of cosmetics designed to make your dog look glamorous. Below you will find selected information necessary to compute some valuation estimates for the firm. Assume the values provided are from year-end 2019. Also assume that the firms equity beta is 1.50, the risk-free rate is 2.20 percent, and the market risk premium is 6.0 percent.

Dividends per share	$	2.08
Return on equity		8.50	%
Book value per share	$	17.35

	Earnings			Cash Flow			Sales
2019 value per share	$	5.00		$	6.60		$	25.65
Average price multiple		13.10			9.44			2.38
Forecasted growth rate		13.50	%		11.39	%		7.03	%

The required return is 11.20 percent. Use the clean surplus relationship to calculate the share price for Beagles with the residual income model.

Share price: