Ecolab Inc. sells chemicals and systems for cleaning, sanitizing, and maintenance. It reported earnings per share of $$2\mathrm{.}35$ in $2013,$ and expected earnings growth of $15\mathrm{.}5\%$ a year from $2014$ to $2018,$ and $6\%$ a year after that. The capital expenditure per share was $$2\mathrm{.}25,$ and depreciation was $$1\mathrm{.}125$ per share in

$2013.$ Both are expected to grow at the same rate as earnings from $2014$ to $2018.$

Working capital is expected to remain at $5\%$ of revenues, and revenues which were $$1,000$ million in $2013$ are expected to increase $6\%$ a year from $2014$ to $2018,$ and $4\%$ a year after that. The firm currently has a debt ratio $($D$/($D$+$E$))$ of $5\%,$ but plans to finance future investment needs $($including working capital investments$)$ using a debt ratio of $20\%.$ The stock is expected to have a beta of $1\mathrm{.}00$ for the period of the analysis, and the treasury bond rate is $6\mathrm{.}50\%.($There are $63$ million shares outstanding.$)$

a$)$ Assuming that capital expenditures and depreciation offset each other after $2018,$ estimate the value per share.