Company ABC has just announced its earnings per share for the previous financial year (year 0) were $0.75. Historically, the company has paid out 50% of its earnings as dividends, but it has decided to increase this rate to 60% from next year (year 1) based on solid recent performance. Earnings are expected to increase by 10% per year over the next two years, and then slow to 2.5% per year in perpetuity. If the equity risk premium is 6%, the risk-free rate is 4.75% and the company has an equity beta of 1.2.

The intrinsic value of the share is $ . (Keep your answer to 2 decimal places)