Financial information on a company has just been published including the following:

Net income	$240 million
Cost of equity	12%
Dividend payout rate (paid at year end)	60%
Common stock shares in issue	20 million

Dividends will increase at a growth rate that steadily drops from 14% to 5% over the next four years, then will increase at 5% thereafter.

What is the intrinsic value per share using dividend-based valuation techniques?