Stoddart plc is a company that has patent rights for a new mobile phone technology that is expected to enable it to generate growth in earnings of 15% for the next 4 years. After that (from the start of year 5) the company expects to see earnings growth drop to a constant rate of 7%. Assuming that the company pays out 30% of earnings as dividends and that the last dividend payment made by the company was 5, calculate an estimate of the current price of Vornado. Assume the required return on equity is 10%.