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Assume that today is December 31, 2019, and that the following information applies to Aboer Airliacs: - After-tax operating income [Eart(2 - T)] for 2020

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Assume that today is December 31, 2019, and that the following information applies to Aboer Airliacs: - After-tax operating income [Eart(2 - T)] for 2020 is expected to be 5600 million. - The depreciation epoense for 2020 is expected to be $190 million. - The capital expenditures for 2020 are oxpected to be $325 million. - No change is expected in net operating working capltal. - The free cash flew is expected to grow at a constant rate of 4 ol per year. - The required retum on equity is 16%. - The WACC is 11. - The firm has 3196 million of noo-operating assets. - The market value of the company's debe is 53.538 belion. - 210 million shares of stock are outstanbing. Using the corporate yaluation model approach, what should be the company's stock price today? Do not round intermediate calcutationsi. Round your antwer to the nearest cent. 5

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