At the end of the latest fiscal year, a share of Workday, Inc (WDAY) was selling for $190. During the same period, WDAY paid a dividend of $5.60 per share for the year. You expect the dividend to grow by 12% for the next four years and then grow by 6% per year forever. Estimated required return on equity for WDAY is 11.5%.

You observe that a share of Workday, Inc (WDAY) was selling for $190 at the end of the latest fiscal year. Based on the two stage model valuation, what is the intrinsic value of WDAY? Is it fairly valued?