The ordinary shares of ZZZ are currently trading at 80p. The last dividend per share was 15p and its dividends have been constant for 10 years. The company plans to finance a new investment project out of retained earnings and so for the next two years the dividend per share will fall to 10p. Benefits from the investment project will be gained from year three onwards and so ZZZ will pay a dividend of 18p per share in that and subsequent years. Assuming that shareholders have all the above information, what would be a fair price for the shares of ZZZ?