Yann Inc. has never paid a dividend. However, they just announced that they will pay their first dividend of $1.00 per share in four years. After that, they will pay a dividend of $1.50 each year for the following three years. Then, dividends will grow at a constant rate of 5% each year. The risk-free rate is currently 4%.

Assuming a risk premium associated to Yann Inc. of 6%, what should the share price be today?