Richmond Rent$-$A$-$Car is about to go public. The investment banking firm of Tinkers, Evers & Chance is attempting to price the issue. The car rental industry generally trades at a $20$ percent discount below the P$/$E ratio on the Standard & Poor$$s $500$ Stock Index. Assume that index currently has a P$/$E ratio of $25.$ The firm can be compared to the car rental industry as follows:

$$

Richmond

Car Rental Industry

Growth rate in earnings per share

$15\%$

$10\%$

Consistency of performance

Increased earnings $4$ out of $5$ years

Increased earnings $3$ out of $5$ years

Debt to total assets

$52\%$

$39\%$

Turnover of product

Slightly below average

Average

Quality of management

High

Average

Assume, in assessing the initial P$/$E ratio, the investment banker will first determine the appropriate industry P$/$E based on the Standard & Poor$$s $500$ Index. Then a half point will be added to the P$/$E ratio for each case in which Richmond Rent$-$A$-$Car is superior to the industry norm, and a half point will be deducted for an inferior comparison. On this basis, what should the initial P$/$E be for the firm?