The equivalent circuit of a single phase induction motor is shown in the figure, where the parameters are $R_1 =R_2=X_{l1}=X_{l2} = 12 \Omega$, $X_M=240 \: \Omega$ and $S$ is the slip. At no-load, the motor speed can be approximated to the synchronous speed. The no-load lagging power factor of the motor is __________ (up to $3$ decimal places).