The company Haytech, Inc. is a 100% equity financed firm. The stock is currently valued at $25 per share, with analysts expecting earnings of $2.25 per share for the next year. Assume that: (a) the required rate of return on equity (discount rate) for Haytech is 13.50%, (b) the company has 150 million shares outstanding, and (c) the companys payout ratio will remain constant at 50%. Using the table below of comparable companies, calculate Haytech's P/E ratio.

Company	Stock Price	EPS
Graintech	$10	$1.23
Corntech	$20	$1.84
Barleytech	$30	$2.96
Soybeantech	$40	$4.04
Wheattech	$50	$5.22