Assume that today is December 31,2018 and that the following information applies to Vermeil Airlines:

• After-tax operating income [EBIT(1 T)] for 2019 is expected to be $581 million.
• The depreciation expense is expected to be $138 million.
• The capital expenditures are expected to be $176 million.
• No change is expected in net operating working capital.
• The free cash flow is expected to grow at a constant rate of 5.6% per year.
• The required return on equity is 14%.
• The WACC is 8.7%.
• The market value of the companys debt is $2.5 billion.
• 215 million shares of stock are outstanding.

Using the corporate valuation model approach, what should be the companys stock price today?

Round to 4 decimal places