Assume that today is December 31, 2008, and that the following information applies to Vermeil Airlines:

• After-tax operating income [EBIT(1 – T)] for 2009 is expected to be $500 million.

• The depreciation expense for 2009 is expected to be $100 million.

• The capital expenditures for 2009 are expected to be $200 million.

• No change is expected in net working capital.

• The free cash flow is expected to grow at a constant rate of 6% per year.

• The required return on equity is 14%.

• The WACC is 10%.

• The market value of the company’s debt is $3 billion.

• 200 million shares of stock are outstanding.

Using the corporate valuation model approach, what should be the company’s stock price today?