Abbey Taylor, CFA, has been directed to determine the value of Sundancis stock using the FCFE valuation model. Taylor believes that Sundancis FCFE will grow at 12% for years 2020, 2021, 2022, 2023, and 2024, and 5% thereafter. Capital expenditures, depreciation, and working capital are all expected to increase proportionately with FCFE. Assume that the corporate tax rate is 30 percent. Using the data from Table 1, calculate the value of a share of Sundanci stock at the end of year 2019 based on the two-stage FCFE valuation model

	2018	2019
Income Statement
Revenue	624.000	746.000
Tot Op Costs	368.000	460.000
Depreciation	35.000	48.000
EBIT	221.000	238.000
Interest	10.000	9.000
Taxes	63.300	68.700
Net Income	147.700	160.300
Dividends	29.540	32.060
EPS	1.758	1.670
Div PS	0.352	0.334
Com shares Outs	84.000	96.000
Balance Sheet
Current Assets	246.000	384.000
Net PPE	629.000	748.000
Total Assets	875.000	1132.000
Current Liabilities	86.000	141.000
Long-term Debt	205.000	178.000
Total Liabilities	291.000	319.000
Shareholder's equity	584.000	813.000
Total L&E	875.000	1132.000
Capital Expenditures	56.000	68.000
Other Info
Existing market Value of Debt	185.000	169.000
Selected Financial Information
Required Rate of ROE	0.14
WACC	0.102
Growth Rate of Industry	0.13
Industry P/E ratio	26