You are evaluating a stock that generated $14.87 of earnings per share, while paying out 27% as dividends last year. The company currently has a share price of $108.49 and a book value per share of $82.16. The company indicates it has fewer profitable project to invest in and will increase the payout ratio to 64% following two more years at the current payout rate. You believe the market has yet to price in this news. However, you do not expect the required rate of return to change from the current level. Assuming the company can maintain its ROE, estimate the intrinsic value of the stock given the news of an increased payout ratio in year 3.