Brembo is an acclaimed world leader and innovator in the field of automotive disc brake technology. It doesn’t pay any dividends currently but is expected to start doing so in four years. This means that Brembo will go three years without paying dividends and is expected to pay its first dividend (of €2 per share) in the fourth year. Once the company starts paying dividends, it’s expected to continue to do so. The company expects to have a dividend payout ratio of 38% and maintain a return on equity of 19%. Based on the DVM, and given a required rate of return of 14%, what is the maximum price you should be willing to pay for this stock today?