Jasper Holdings Ltd achieved sales of $400 million in 2019. Analysts expect Jasper Holdings Ltds sales to grow at 10% p.a. in 2020 but this growth will slow by 1% p.a. to a long-run growth rate of 5% p.a. by 2025. EBIT is expected to be 9% of sales, increases in net working capital requirements to be 7% of any increase in sales, and net investment (capital expenditures in excess of depreciation) to be 6% of any increase in sales. Jasper Holdings Ltd has $45 million in cash, $66 million in long-term debt, and 13 million shares outstanding. Assume a tax rate of 30% and a weighted average cost of capital of 11%.

Jaspers Free Cash Flows:

($ millions)	2019	2020	2021	2022	2023	2024	2025
Sales	400	440.0	479.6	518.0	554.2	587.5	616.9
Growth versus prior year		10.00%	9.00%	8.00%	7.00%	6.00%	5.00%
EBIT (9% of Sales)		39.6	43.2	46.6	49.9	52.9	55.5
Less Income Tax (30% EBIT)		11.9	12.9	14.0	15.0	15.9	16.7
Less Net Investment (6% Sales)		2.4	2.4	2.3	2.2	2.0	1.8
Less: Inc. in NWC (7% Sales)		2.8	2.8	2.7	2.5	2.3	2.1
FREE CASH FLOW		22.5	25.1	27.6	30.2	32.7	35.0

Question: What is your estimate of the value per share of Jasper in early 2020?