Today is January 31, 2018. The book value per share for equity is currently $13.21.

You have been given the following information:

Earnings per share
January 31, 2019	$5.35
January 31, 2020	$4.11

and

Dividends per share
January 31, 2019	$2.11
January 31, 2020	$1.51

In addition, you obtain the following information:

Growth after 2020	3.00%
Required return	10.00%

What is the equity value of the firm (in dollars per share) using Residual Earnings Analysis? Hint: First, calculate book values and residual earnings. Second, calculate the continuing value. Third, discount residual earnings and continuing value. Finally, sum up the discounted values to obtain value per share.

A		$46.89 per share
B		$48.89 per share
C		$50.66 per share
D		$52.31 per share