Duke Energy Corp. (DUK) currently sells for $90.61 per share. In an attempt to determine whether DUK is fairly priced, an analyst has assembled the following information:

The before-tax required rates of return on DUK debt, preferred stock, and common stock are, respectively, 3.0 percent, 5.5 percent, and 8.5 percent.

The companys target capital structure is 49 percent debt, 2 percent preferred stock, and 49 percent common stock.

The market value of the companys debt is $65.552 billion, and its preferred stock is valued at $1.962 billion.

DUKs FCFF for the year just ended is $2.944 billion. FCFF is expected to grow at a constant rate of 3 percent for the foreseeable future.

The tax rate is 21 percent.

DUK has 736 million outstanding common shares.

What is DUKs estimated value per share? Is DUKs stock underpriced?