The estimates for the next five years of a US firm are as follows (in dollars)

1 2 3 4 5

Net Income 1 200 000 1 650 000 2 000 000 2 150 000 3 000 000

Depreciation+Amortization 250 000 275 000 300 000 300 000 500 000

Capital Expenditures 400 000 600 000 750 000 750 000 1 000 000

Increase in NWC 150 000 150 000 150 000 150 000 150 000 c

The target debt ratio of the firm is 50%. The terminal growth rate is %0. Adjusted Beta for this firm is 0.9. Estimate the equity value per share if the totals shares are 8 million.

(You will compute (estimate) the cost of equity using logical numbers and mention why you use these numbers)