You are building a free cash flow to the firm model. You expect sales to grow from $ billion for the year that just ended to $ 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 years, and then at a constant rate of for year and onward after that. Use the following information to calculate the value of the equity on a pershare basis.

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

The company currently has $ million of net working capital.

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

The company has a weighted average cost of capital of percent. This is based on a capital structure of twothirds equity and onethird debt.

The firm has million shares outstanding.

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