XYZ Company has signed a new marketing agreement that will allow the company to sell its products in Southeast Asia. Sam Adams is analyzing the effect of this announcement on his estimate of XYZs stock value. He uses the H-model in his valuation and identifies the following inputs:

• XYZ earnings growth rate is expected to be 30.0% in 2013, declining over a five-year period to a constant growth rate of 12.0% in 2018 and thereafter.
• Dividend per share for 2012 was $0.20.
• The dividend payout is expected to be constant.
• The required rate of return (cost of equity) for XYZ is expected to be 13.5%.

What is the estimated value of a share of XYZs equity on December 31, 2012 using the H-model? (Show all work)