You are valuing Insurance Co, a firm that reported earnings per share of $ 5.00 in the most recent financial year and dividends per share of $ 1.00. The earnings per share are expected to grow 16% a year for the next 5 years and 5% thereafter. While the firm will maintain its existing payout ratio for the next 5 years, the payout ratio is expected to increase to 60% thereafter. If the cost of equity for this firm is 12%, estimate the value per share.