Illionois Tool Works (ITW)  Free Cash Flows were $2,682M on December 31, 2023. ITW's  Free Cash Flows are expected to grow at a rate of 10% next year and then decline 1% per year in the next 7 years; then ITW's FCF will grow at a perpetual rate of 3%.  ITW's  weighted average cost of capital is 7.70%, it has $990M excess cash (short term investments) and market value of its debt is $8,000M. ITW has 300M outstanding shares.   

Use the Discounted Free Cash Flow model to estimate the fair value of ITW's stock as of end of 2023 based on the information and the expectations above?
 HINT: Decline in growth from year 1 to 8 is monotonic; the growth drops to %3 in year 8