Smith Technologies is expected to generate $50 million in free cash flow next year, and FCF is expected to grow at a constant rate of 8% per year indefinitely. Smith has no debt or preferred stock, and its WACC is 11%. If Smith has 60 million shares of stock outstanding, what is the stock’s value per share? Round your answer to two decimal places.
Each share of common stock is worth $ _________ , according to the corporate valuation model.