Answers
Total payout each year = Dividends paid + Shares repurchased
= $19.7 million + $10.3 million
= $30 million
Current Value of the company = Annual payouts/Cost of capital
= $30 million / 0.132
= 227.27 million
Stock price = Current value of company/Number of shares outstanding
= $227.27 million / 9.79 million
= $23.21 per share
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