Valence Electronics has

212

million shares outstanding. It expects earnings at the end of the year of

$810

million. Valence pays out 40% of its earnings in total - 15% paid out as dividends and 25% used to repurchase shares. If Valence's earnings are expected to grow by

7%

per year, these payout rates do not change, and Valence's equity cost of capital is

8%,

what is Valence's share price?