Desmodus Limited, a toy maker, prepares its accounts to 31 December each year. For the 2017 financial year the company paid a dividend of GH0.55 per share. Dividends paid are paid at the end of year but the 2017 were 80% lower than that of the previous year due to a difficult financial year. Members of the com- pany at its annual general meeting agreed not to pay dividends over the next two years and instead pay down the companys bonds. Dividend payment will resume thereafter at the level of the 2017 dividends for three years. Management be- lieves that the company can afford to increase dividends at a rate of 4% thereafter for the foreseeable future. What is the intrinsic value of the companys shares at the start of 2019 financial year if firms in the toy industry deliver returns of 13.5% on average?