Valence Electronics has 232 million shares outstanding. It expects earnings at the end of the year of $700 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 9%, what is Valence's share price? A. $60.34 B. $18.10 C. $48.27 D. $9.05