E5.2. ROCE and Valuation (Easy) The following are ROCE forecasts made for a firm at the end of 2010. Return of common equity (ROCE) 2011 12.0% 2012 2013 12.0% 12.0% ROCE is expected to continue at the same level after 2013. The firm reported book value of common equity of $3.2 billion at the end of 2010, with 500 million shares outstanding. If the required equity return is 12 percent, what is the per-share value of these shares? tion (Encu