Shelton Industries had earnings per share of CAD 3.15 in 2013, and paid dividends per share of CAD 1.65. Its depreciation expense was CAD 305 million, capital expenditures were CAD 465 million, and working capital increased by CAD 25 million. Shelton is a mature company whose earnings are expected to grow at a constant rate of 3.0% a year. It has a beta of 1.25 and the 20-year treasury-bond rate is 4.0% and the market risk premium is 5.0%. The debt ratio is expected to remain constant at 20.0%. There are 155 million common shares outstanding. Using the required return to equity you calculated in the last question, estimate the intrinsic value of Shelton's shares using the 1-stage income approach (DDM). Enter your answer in dollars and cents per share without the dollar sign eg. 19.35. Numeric Response