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 $518 million.
• The depreciation expense is expected to be $122 million.
• The capital expenditures are expected to be $241 million.
• No change is expected in net operating working capital.
• The free cash flow is expected to grow at a constant rate of 2.0% per year.
• The required return on equity is 12.4%.
• The WACC is 10.3%.
• The market value of the companys debt is $2.4 billion.
• 207 million shares of stock are outstanding.

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

Please extend answer to 4 decimal places.