Problem $14-29$ Adjusted Cash Flow from Assets $($LO$4)$

You have looked at the current financial statements for Kent Homes Co$.$ In the year that just ended, the company had

an EBIT of $$2\mathrm{.}95$ million. Depreciation, the increase in net working capital, and capital spending were $$235,000,$

$$105,000,$ and $$475,000,$ respectively. You expect that over the next five years, EBIT will grow at $15\%$ per year,

depreciation and capital spending will grow at $20\%$ per year, and NWC will grow at $10\%$ per year. The company has

$$19\mathrm{.}5$ million in debt and $400,000$ shares outstanding. At Year $5,$ you believe sales will be $$21\mathrm{.}5$ million and the

enterprise value$-$sales ratio will be $2\mathrm{.}7.$ The company's WACC is $9\mathrm{.}25\%$ and the tax rate is $35\%.$

What is the price per share of the company's stock? $($Do not round intermediate calculations. Round the final answer

to $2$ decimal places. Omit $ sign in your response.$)$

Share price