2. Sigma Oy's current return on equity (ROE) is 16%. It pays out one-quarter of earnings as cash dividends (payout ratio = 25%). Current book value per share is 35. The company has 5 million shares outstanding. Assume that ROE and payout ratio stay constant for the next four years. After that, competition forces ROE down to 10% and company increases the payout ratio to 60%. The company does not plan to issue or buyback shares. The cost of capital is 9.5%. What is per-share value of Sigma Oy