The DEF Company just paid a dividend of $2 per share. The dividend is expected to grow at a rate of 10% next year and 5% the year after, and then to stabilize at growth of 3% per annum into perpetuity thereafter. The company's beta is 1.2, the risk-free rate is 3% and the market risk premium is 8%. Based on this information, what is your estimate of the intrinsic value of one share in DEF Company? (3 marks) Enter your answer to 2 decimal places eg if your answer is 0.4579 enter as 0.46