Value the shares of Pulitzer Co. The modeling assumptions are:

Current sales are $60 million. They will grow at 30% annually for the first four years, and then grow at 6% annually thereafter.

Net income will be 10% of sales.

The net investment in fixed capital will be 50% of the sales increase each year

The investment in working capital will be 10% of the sales increase.

Debt financing will be 40% of the net investments in fixed capital and working capital each year

The required rate of return for equity is 11%.

There are 2 million outstanding shares.

What is the intrinsic value per share of Pulitzer?