In assessing the market value of a company, equity analysts often rely on market-based valuation methodologies, which typically involve comparing the company to its peers. Assume you are evaluating Tech Ventures Inc., which operates in the renewable energy sector. To determine its market value, you consider both the company's projected earnings per share (EPS) growth and the price-to-earnings (P/E) ratios of its industry peers. Your research indicates that the average P/E ratio for comparable companies is 20, and you project that Tech Ventures will achieve an EPS of $3 next year.
Based on this analysis, what would you estimate the market value per share of Tech Ventures Inc. to be?