The Boulder Brass Works Company (BBWC) is a small-capitalization machine shop that has found a rapidly growing niche market for its custom-machine brass parts. Its business is growing so fast that it has decided not to pay a dividend for the next 2 years. However, in year 3 it expects its growth to decelerate and so plans to begin paying dividends at that time. At the end of year 3, it plans to pay a dividend of $2.00. At the end of year 4, it plans to pay a dividend of $4.00. Beginning in year 4, BBWC's management believes that the company will have entered its middle age. Management anticipates being able to sustain a dividend growth rate of 2% per year in year 5 and every year thereafter. Firms with similar growth and risk characteristics return 11% per year to their equity investors. 

What is BBWC's intrinsic value?