Suppose an analyst arrives at a value of $$30$ per share for AT&T stock using a Gordon growth model where the terminal growth rate used is based on the company's sustainable growth rate.

One of the key assumptions of the analyst's valuation model is an expectation that AT&T will maintain its historic payout ratio of $50\%.$ But, after doing a bit more research, the analyst now believes that AT&T$\text{'}$s payout ratio may be higher in the future.

All else equal, what would be the impact on the analyst's valuation lf AT&T shares should they decide to incorporate this payout rate change into their valuation? Their estimated value per share of AT&T would: