Year End 2020 per Share amounts:

Basic Earnings per Share: $7.46 Dividend per Share: $4.24 Book Value of Equity per Share: $7.22

Cost of Equity: 6% Forecasted EPS Growth by year: 2021: +5% 2022: +5% 2023: +4%

Forecasted Dividend Growth by year: 2021: +5% 2022: +5% 2023: +4%

Long-term growth rate: +3%

What is the estimated Equity Value per Share as at the beginning of 2021?