Assume that today is December 31, 2021, and that the following information applies to Abner Airlines:

After-tax operating income [EBIT(1 - T)] for 2022 is expected to be $600 million. The depreciation expense for 2022 is expected to be $140 million. The capital expenditures for 2022 are expected to be $250 million. No change is expected in net operating working capital. The free cash flow is expected to grow at a constant rate of 7% per year. The required return on equity is 15%. The WACC is 12%. The firm has $202 million of nonoperating assets. The market value of the company's debt is $2.657 billion. 180 million shares of stock are outstanding.

Using the corporate valuation model approach, what should be the company's stock price today? Do not round intermediate calculations. Round your answer to the nearest cent.

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