Determine afws share price assuming an equity cost of


AFW Industries has 217 million shares outstanding and expects earnings at the end of this year of $653 million. AFW plans to pay out 60% of its earnings in total, paying 35% as a dividend and using 25% to repurchase shares. If AFW's earnings are expected to grow by 7.1% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 11.4%. The price per share will be $ (Round to the nearest cent.)

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Financial Management: Determine afws share price assuming an equity cost of
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