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 $25$ percent discount below the P$/$E ratio on the Standard & Poor$$s $500$ Stock Index. Assume that the index currently has a P$/$E ratio of $30.$ The firm can be compared to the car rental industry as follows:

Richmond Car Rental Industry

Growth rate in earnings per share $14\%10\%$

Consistency of performance Increased earnings $4$ out of $5$ years Increased earnings $3$ out of $5$ years

Debt to total assets $35\%40\%$

Turnover of product Slightly above 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 $0\mathrm{.}50$ 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 $0\mathrm{.}50$ point will be deducted for an inferior comparison.

On this basis, what should the initial P$/$E be for the firm?