Calculating Intrinsic Value Using Residual Income Valuation

Smith Industries has been consistent in generating returns on equity greater than its cost of equity. For the current year, Smith reported a net income of $1 million and has a book value of equity of $5 million. The cost of equity is 10%. An analyst at a brokerage firm wants to evaluate the intrinsic value of Smith Industries using the Residual Income Valuation model. The analyst believes the residual income for the year can be calculated as:

Residual Income = Net Income - (Cost of Equity × Book Value of Equity)

Based on this calculation, what is the intrinsic value per share of Smith Industries if it has 1 million shares outstanding?