Assume that today is December 31, 2015, and the following information applies to Vermeil Airlines:
After-tax operating income [EBIT(1 - T)] for 2016 is expected to be $950k.
The depreciation expense for 2016 is expected to be $190k.
The capital expenditures for 2016 are expected to be $380k.
No change is expected in net operating working capital.
Assume that all cash flows are paid and received at the end of the year.
The free cash flow is expected to grow at a constant rate of 4% per year.
The required return on equity is 13%.
The WACC is 9%.
The company has no preferred stock
The market value of the company's debt is $5.2 million.
250,000 shares of stock are outstanding.
Using the corporate valuation model approach, what should the company's stock price be today? Round your answer to two decimal places.
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