Company XYW currently sells for 32.50 per share. An analyst has the following information:

COST: ----------------------------------- Market value Debt 7% -------------------------------- 145 Million

Preferred stock 8%-------------------- 65 Million

Common stock 11% -------------------You figure out

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Tax rate 35%

outstanding shares for company 8 million

The company's FCFF for the year just ended in 28 million.

The company is expected to grow at a constant rate of 4% for the foreseeable future forever.

Using FCFF method, what is XYW's intrinsic value per share? Over or under valued or fair?