You are tasked with estimating the price per share of GAP. For the 2017 fiscal year, the company had EBIT of $1.199 billion, interest expense of $0.075 billion, and an income tax of 35%. Revenue was $15.516 billion. Depreciation amounted to $0.531 billion and Capex was $0.524 billion. Inventory declined by $43 million in 2017; while AP increased by $200 million over the same period. AR was unchanged.

The company has an equity beta of 0.51. The 30-year T-bond rate is 3.0% and the Market risk premium is 6%. The company has a total debt of $1.25 billion and 0.389 billion shares outstanding. The company has a cost of debt of 5% and a D/E =0.10. Given the difficult retail environment, analysts expect that the free cash flow will grow at 1% per year in perpetuity. Estimate the price per share of the GAP.