The current stock price of Adelaida GmbH is 31 per share (end of 2018). The current dividend per share (for 2018) is 1.90. According to financial results for the financial year 2018 (FY18), Adelaida GmbH's Return on Equity (ROE) is 8%. The market consensus is that Adelaida GmbH has a beta of 1.3, the coming year's market return is 10%, and T-bills currently offer a 2.5% return. Adelaida's net profit margin for the relevant accounting period is 3.2%. The firm plans to maintain indefinitely its traditional retention ratio of 0.6

Calculate a constant growth DDM value for Adelaida at end of 2018