The following information has been collected regarding John Scott Company:

Most recent annual cash dividend per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.65

Dividend growth rate over the past five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%

Most recent earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.53

Average P/E ratio of similar firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Required rate of return on equity capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12%

Estimate a price per share for John Scott’s stock using the following equity valuation models.

1. Constant future dividends

2. Constant dividend growth

3. Price-earnings multiple