S corporation has outstanding shares of 100 million shares. The company equity beta is 1.15. The interest rate on debt is \( 12.3 \% \). The weight of equity and debt is 0.75 and 0.25 respectively. The company wants to maintain its debt-to-market value ratio forever. The yield on 30-year government bond yield is \( 5.65 \% \). The estimated historical market premium is \( 9 \% \). The company is taxed at marginal rate of \( 35 \% \). The current free cash flow amounts to \( \$ 225 \) million. The growth in cash flows is expected to be \( 12 \% \) for 7 years and thereafter, at \( 6 \% \) forever.

Calculate the value of equity per share of the company.