The expected rate of return on the market portfolio is 18%, the risk-free rate is 6.00%, and the stock of SportX Corporation has a beta coefficient of 1.70. Last month SportX announced their latest earnings of $18 per share. The company pays out 50% of its earnings in dividends. The dividends were just paid (2 weeks ago) and are expected to be paid annually. You estimate that SportX will earn an ROE of 24% per year on all reinvested earnings forever. What is the intrinsic value of a share of SportX stock?