At the end of 2017, Dragi Ltd forecasts that its free cash flow will be 18.6 million in 2018, 21.4 million in 2019, 23.7 million in 2020 and 26 million in 2021. After 2021, Dragi Ltd. expects its free cash flow earnings to grow at an annual rate of 4%. Dragi Ltd has 12 million in debt and 40 million in cash currently on its balance sheet. If Dragi Ltd has 24 million shares outstanding and a cost of capital of 6%.

Estimate the stock price at the end of 2017.