Secunda Limited $($JSE:SEC$)$ a JSE listed company that trades in oil, gases and other chemicals believes that the demand for its products will increase in the following four years then stabilise thereafter and remain constant forever at $3\%.$ One of their analysts has forecasted their growth rates as follows:

$$ Year $15\mathrm{.}5\%$

$$ Year $26\mathrm{.}5\%$

$$ Year $37\mathrm{.}5\%$

$$ Year $48\mathrm{.}1\%$

$$ Year $58\mathrm{.}0\%$

Secunda Limited $($JSE: SEC$)$ will have earnings per share of R$15\mathrm{.}00$ in the upcoming year and its required rate of return is $12\%.$ Its dividend payout ratio is $25\%.$ Calculate the intrinsic value of Secunda Limited using the multi$-$stage growth model.