Assume that today is December 31, 2021, and that the following information applies to Abner Airlines:

● After-tax operating income [EBIT(1 2 T)] for 2022 is expected to be $400 million.

● The depreciation expense for 2022 is expected to be $140 million.

● The capital expenditures for 2022 are expected to be $225 million.

● No change is expected in net operating 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 firm has $200 million of nonoperating assets.

● The market value of the company’s debt is $3.875 billion.

● 200 million shares of stock are outstanding.

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