Residual Income Valuation of ABC Corp.

ABC Corp. is currently trading at $50 per share. The company has reported a net income of $5 million and has 1 million shares outstanding. ABC Corp. is expected to generate a return on equity (ROE) of 12% next year and has a cost of equity of 10%. The firm plans to reinvest 50% of its earnings and distribute the rest as dividends.

Using the Residual Income Valuation model, what is the estimated intrinsic value of ABC Corp.'s equity per share?