Am I thinking about this the right way? (valuation question)

Let's say that someone says that the value of an asset is $0.50 to EPS on an annualized basis.

If I then assume a 10% cost of equity, would a rough way to calculate the present value of the asset to equity holders be: (0.50)/10% = $5.00 per share. - That's the formula for the present value of a perpetuity

Is that correct or am I missing something potentially obvious? Thanks guys!