To verify their calculations, Carrington and Genevieve have hired Josh Schlessman as a consultant. Josh was previously an equity analyst, and covered the HVAC industry. He has examined the company’s financial statements, as well as examining those of its competitors. Although Ragan plc currently has a technological advantage, Josh’s research indicates that other companies are investigating methods to improve efficiency. Given this, Josh believes that the company’s technological advantage will last only for the next five years. After that period, the company’s growth is likely to slow to the industry growth average. Additionally, Josh believes that the required return used by the company is too high.

He believes the industry average required return is more appropriate. Under this growth rate assumption, what is your estimate of the share price?