Todd Industries currently has about $4,000,000 of debt in its capital structure, on which it pays 10% interest. However, Todd is considering issuing new long-term debt and repurchasing some of its 600,000 outstanding shares. Todd's EBIT will not change and it is expected to stay constant at $5,200,000 throughout the foreseeable future. Todd also pays out all its earnings as dividends (that is, EPS = DPS).

Todd's beta is currently 1.10 and the risk-dree rate and market risk premium are both 6.0%. If the firm's tax rate is 40%, what is Todd's current stock price?