The owners of Jakobs Industries are preparing to take it public and are trying to estimate the market value for one share of company stock. The company has total net income of $15 million and will issue 10 million shares of stock in the initial public offering (IPO). Jakobs is expected to trade with the same valuation as Dahl, which has a price-to-earnings (P/E) ratio of 16x. Estimate the market value of one share of Jakobs stock