The Digital Electronic Quotation System Corporation pays no cash dividends currently and is not expected to for the next five years. Its latest EPS was $12, all of which was reinvested in the company. The firm expected ROE for the next five years is 16% per year, and during this time it is expected to continue to reinvest all of its earnings. Starting in year 6, the firms ROE on new investments is expected to fall to 11%, and the company is expected to start paying out 25% of its earnings in cash dividends, which it will continue to do forever after. Digital market capitalization rate is 15% per year.

What is your estimate intrinsic value per share if you expected to pay out 15% of earnings starting in year 6?