Kemboja Bhd, a local company which specializes in the manufacturing of surgical instruments, had recently been listed on the ACE Market of Bursa Malaysia. It has embarked on an aggressive strategy for expanding its activities into overseas market. Since a lot of cash is required to fund this ongoing venture, the company has decided not to pay any dividend to its shareholders. At least none are expected in the near future. The company is expected to earn RM2 million in net free cash flow next year. This cash flow is expected to grow at 10% during the next four years and then grow at 8% per year indefinitely. The company has RM20 million in debt and 500,000 shares outstanding. Calculate the intrinsic value of the stock using 15% discount rate.