You have a required rate of return of 9.5%. You are evaluating a stock that generated $12.25B of earnings, while paying out 35% as dividends last year. The company currently has a market cap of $34.75B and a book value of $45.61B. The company indicates it has fewer profitable project to invest in and well increase the payout to 50% after two more years, and then will permanently increase the payout to 70% after another three years. Assuming the company can maintain its ROE, estimate the intrinsic value of the stock.