You are planning to value a stock using the relative valuation approach based on historical PB. Based on the current situation of the company, you feel that it should be trading at a 10% discount to its historical PB. You have gathered information on the previous 4 years of data.

• Four years ago, the firm's P/E ratio was 18 and its P/B ratio was 4.9.
• Three years ago, the firm's P/E ratio was 19 and its P/B ratio was 2.7
• Two years ago, the firm's P/E ratio was 17 and its P/B ratio was 3.9
• Last year, the firm's P/E ratio was 18 and its P/B ratio was 2.8

The firm just reported an EPS for the current year of $1.51 and a book value of $38.96. Based on this, calculate the firm's current value.