Adidas had sales of $40 billion in 2022. Suppose you expected its sales to grow at a rate of 15% in 2023, but then slow by 2% per year to the long-run growth rate that is characteristic of the apparel industry5%by 2028

Based on Adidass past profitability and investment needs, you expected EBIT to be 14% of sales, increases in net working capital requirements to be 5% of any increase in sales, and is not expected to have an capital expenditure needs.

If Adidas had $5.25 billion in cash, $3.8 billion in debt, 1.626 billion shares outstanding, a tax rate of 21%, and a weighted average cost of capital (required rate) of 10%, what would have been your estimate of the value of Adidas stock in early 2023?