XX Investment Bank is evaluating XYZ Company, headquartered in London, Great Britain. In 2021, when XX is performing the analysis, XYZ is not profitable and it pays no dividends on its common shares. XX decides to use the forecasts of the Free Cash Flows to the Equity to value XYZ. To this end, the analyst makes the following assumptions:

1) XYZ has 18 billion outstanding shares. 2) XYZs sales in 2022 will be 6.5 billion and they expect to increase at 25% for the next four years (through 2026). 3) The Net Income is expected to be 32% of sales. 4) Investment in fixed assets is expected to be 36% of sales, investment in working capital 6% of sales, and depreciation 8% of sales. 5) The 20% of the investment in assets will be financed with debt. 6) Interest expenses will be 2% of sales. 7) The tax rate is 10% 8) XYZs beta is 2.1, the risk-free rate is 4.6%, and the equity risk premium is 4%. 9) At the end of 2026, XX projects that XYZs price will be 17 times its Net Income.

Estimate the value per share of XYZ Company.