Portage Bay Enterprises has $ 3 million in excess cash, no debt, and is expected to have free cash flow of $ 13 million next year. Its FCF is then expected to grow at a rate of 2 % per year forever. If Portage Bay's equity cost of capital is 9 % and it has 55 million shares outstanding, what should be the price of Portage Bay stock?
The price of Portage Bay's stock is $ per share