Shatin Inili. has 10.3 million shares, an equity cost of capital of 12.8% and is expected to pay a total dividend of $20.1 million each year forever. It announces that it will increase its payout to shareholders. Instead of increasing its dividend, it wil keep it constant and will start repurchasing $10.3 million of stock each year as weil. What is your estimate of Shatin's slock price after this announcement? The stock price will be (Round to the noarest cent).

1. Shatin Inili. has 10.3 million shares, an equity cost of capital of 12.8% and is expected to pay a
total dividend of $20.1 million each year forever. It announces that it will increase its payout to
shareholders. Instead of increasing its dividend, it wil keep it constant and will start repurchasing
$10.3 million of stock each year as weil. What is your estimate of Shatin's slock price after this
announcement? The stock price will be (Round to the noarest cent)