Ward Corp. is expected to have an EBIT of $2,900,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to be $185,000, $125,000, and $135,000, respectively. All are expected to grow at 18 percent per year for four years. The company currently has $23,000,000 in debt and 850,000 shares outstanding. After Year 5, the adjusted cash flow from assets is expected to grow at 3 percent indefinitely. The company's WACC is 8.9 percent and the tax rate is 40 percent.
What is the price per share of the company's stock?