Hiking Foods Company (NYSE: HFC) has a trailing P/E of 15. Analysts predict that the firms dividends will continue to grow at its recent rate of 4.0 percent per year into the indefinite future. The firms current dividend and EPS are $1.20 per share and $2.00 per share, respectively. The required rate of return on equity is estimated to be 10 percent.

What is the firms justified trailing P/E?