K Shatin Intl. has 9.9 million shares, an equity cost of capital of 12.7% and is expected to pay a total dividend of $19.4 million each year forever. It announces that it will increase its payout to shareholders. Instead of increasing its dividend, it will keep it constant and will start repurchasing $10.2 million of stock each year as well. What is your estimate of Shatin's stock price after this announcement? The stock price will be $ (Round to the nearest cent.) sak rsion his s eful E

Shatin Int. has 9.9 million shares, an equity cost of capital of 12.7% and is expected to pay a total dividend of $19.4 million each year forever. It announces that it will increase its payout to shareholders, Instead of increasing its dividend, it will keep it constant and will start repurchasing $10.2 million of stock each year as well. What is your estimate of Shatin's stock price after this announcement? The stock price will be $ (Round to the nearest cent.)