You are building a free cash flow to the firm model. You expect sales to grow from $1.2 billion for the year that just ended to $1.44 billion five years from now. Assume that the company will not become any more or less efficient in the future. Assume that the company will grow at a constant rate for 5 years, and then at a constant rate of 3.213729% for year 6 and onward after that. Use the following information to calculate the value of the equity on a per-share basis.

Assume that the company currently has $360 million of net PP&E.

The company currently has $120 million of net working capital.

The company has operating margins of 10 percent and has an effective tax rate of 32 percent.

The company has a weighted average cost of capital of 8 percent. This is based on a capital structure of two-thirds equity and one-third debt.

The firm has 3 million shares outstanding.

Do not round intermediate calculations. Round your answer to the nearest cent.