Findlay company's free cash flow to equity per share as of December 31, 2017 was $2. Its FCFE per share is expected to grow at 5 percent per year for the next three years (i.e., until December 31, 2020). Then, the growth rate will linearly decline over the following 6 years to a stable level of 2 percent (i.e., Findlay's sustainable growth rate). The market required rate of return on Findlay Company's common equity, ke =7 percent. What is the intrinsic value as of December 31, 2018 (a year-ahead target stock price)?