CORPORATE VALUE MODEL Assume that today is December 31, 2019, and that the following information applies to Abner Airlines:

After-tax operating income [EBIT(1 2 T)] for 2020 is expected to be $400 million. The depreciation expense for 2020 is expected to be $140 million. The capital expenditures for 2020 are expected to be $225 million. No change is expected in net operating working capital. The free cash flow is expected to grow at a constant rate of 6% per year. The required return on equity is 14%. The WACC is 10%. The firm has $200 million of non-operating assets. The market value of the companys debt is $3.875 billion. 200 million shares of stock are outstanding.

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