Today is January 31, 2018. A firm has a book-value-per-share of $12.11.

You forecasted the following earnings-per-share and dividends-per-share for January 31, 2019 and January 31, 2020:

January 31, 2019 Jan. 31 2020

EPS 3.25 4.19

DPS 1.63

The long-run growth rate of EPS after January 31, 2020 is expected to be 3%.

The dividend per share (DPS) is a constant 50% of EPS.

Required return of 8%.

Required:

What is the per-share equity value of the firm on January 31, 2018 using Earnings Growth Analysis model?