Bridger Optics, Inc. just paid a dividend of $4.76 per share this year and plans to pay a dividend of $5 per share next year, which is expected to increase by 3% per year subsequently. The markets return is 13%, the risk free rate is 3%, and Bridgers betas is 1.2. Use this information to calculate the price-per-share of Bridgers stock.

Show all work and write a short paragraph (2-4 sentences) as to why.