USP Delivery Inc. is trading at $97.53 at year end. Its dividend per share is $3.84, its market beta is estimated to be 1.44, its average pretax cost of debt is 2.6%, and its statutory tax rate is 22.4%, consisting of the 21% federal rate plus the 1.4% state and local rate, net of any federal benefits. Market capitalization is $83.9 billion, computed as 860.2386 million shares times its $97.53 price, and its total firm value (enterprise value) is $107.19 billion. Assume a risk-free rate of 4% and a market risk premium of 5%.
Using the dividend discount model, and assuming a constant perpetuity at its current dividend level, estimate USP’s intrinsic value per share. Round all calculations to two decimal places.