Martys place, a manufacturer of do-it-yourself hardware and housewares, reported earnings per share of $2.10 in 2018, on which it paid dividends per share of $0.69. Earnings are expected to grow 15% a year from 2019 to 2023, during which period the dividend payout ratio is expected to remain unchanged. After 2023, the earnings growth rate is expected to drop to a stable 6%, and the payout ratio is expected to increase to 65% of earnings. The investors' required rate of return is 10%. What is the value of the stock, using the two-stage dividend discount model?

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